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 oil and gas service provider TETRA Technologies (NYSE:TTI) fell as much as 13% in early trading after the company announced earnings. Shares recovered most of that loss and are down 4% as the market closes.

So what: Revenue was up 15.5% in the first quarter to $208.6 million, but that was well short of the $223.5 million analysts expected. Net income nearly doubled to $1.3 million, but that is only $0.02 per share, well short of the $0.11 estimate.  

Now what: The Production Testing segment accounted for the disappointing results as profitability declined sequentially. Management expects the segment to improve in Q2 and continue to grow in the second half, but expectations have been pushed out. I like the revenue growth, but I'm not a buyer until I see bottom-line growth, because service providers are being squeezed in energy right now.

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