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 company InterOil (NYSE:IOC) dropped 11% today after reporting earnings.

So what: Second-quarter revenue was up 16% to $345.7 million, coming in well ahead of the $286.7 million estimate from analysts. But the company lost $0.27 per share versus an estimated loss of $0.12, and that's what investors had their eyes on today.  

Now what: The bigger news is that management is looking to sell assets, including its Elk and Antelope fields. It could sell assets altogether or bring in partners, and has already engaged ExxonMobil in talks about some of its assets. That puts the company's future into flux, especially if the it sells fields that once held a lot of promise. I don't think that either the loss or the asset sale are buy signs today, and would wait to see earnings move up or the details of a sale emerge before buying into this speculative stock.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.