Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Halcon Resources (NYSE:HK) were flowing in the wrong direction today, falling as much as 15% after reporting earnings this morning.

So what: Results were mostly in line with estimates, as the shale explorer and producer delivered an adjusted EPS of $0.05 on expectations of $0.06. Without adjustments, however, profits were just $0.01 per share. Revenues, meanwhile, shot up more than 600%, in line with expectations, due to a variety of acquisitions. Lease operating expense also fell sharply by 47%.

Now what: The market seems to be excessively punishing Halcon for the earnings miss, which seems worse when looked at percentage-wise, as net income was about 20% below expectations. The market was perhaps expecting an earnings beat. That may look problematic, but the shale plays on which Halcon Resources are focused have serious growth potential. I wouldn't give up on Halcon just yet. You can keep track of all the latest developments by adding the company to your Watchlist here.