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 tanker company Frontline (NYSE:FRO) dropped 10% today after announcing earnings.

So what: Second-quarter revenue dropped 26% to $121.2 million, and net loss rose from $24.3 million a year ago to $120.3 million, or $1.54 per share. The company also urged competitors owning carriers that were 15 years old to scrap the vessels to reduce supply, a desperate call from a company drowning in debt.  

Now what: There are really no positive trends for Frontline or the tanker industry. Pipelines between Russia and China are expanding, the U.S. is importing less oil, and discoveries offshore have reduced the distance oil has to travel from extraction to the point of use. Some have predicted a recovery for the tanker business in 2015, but I just don't see it, and I would run from Frontline and other tanker stocks.

Interested in more info on Frontline? Add it to your watchlist by clicking here.