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 well service company Basic Energy Services (NYSE:BAS) fell 12% today after reporting earnings.

So what: Revenue dropped 9.9% from a year ago to $325.7 million, but that did beat estimates of $319.3 million from Wall Street. The bad news is the adjusted loss of $0.15 per share, which was $0.06 behind estimates.  

Now what: Management was also less than bullish on the future, saying that demand will likely be subdued for the rest of the year despite high oil prices. Drillers aren't rushing to start new wells despite high prices because they've seen what a flood of new supply can do to the market. That will keep a cap on earnings, but with shares trading at 25 times forward estimates, the stock is too expensive to jump into today.