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 energy industry supplier ION Geophysical (NYSE:IO) dropped 12% today after reporting earnings.

So what: Revenue was up 15% to $120.9 million but fell short of the $127.5 million analysts expected. On the bottom line the company broke even versus estimates of a $0.07 per share profit.  

Now what: Management pointed to cost overruns in the first half of the year as a major reason for the disappointing numbers. New ventures will also be weighted to the back half of the year and management expects "modest" improvements. If the stock continues to fall this represents an interesting opportunity in a growth market but I'm not jumping in after such a big earnings miss.

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