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 CVR Refining (NYSE:CVRR) dropped as much as 14.5% today after the company reported earnings.

So what: Third-quarter revenue dropped 18% to $1.9 billion and net income dropped 73% to $86.0 million. Analysts were looking for $2.07 billion in revenue.  

It also doesn't help that distribution per unit was just $0.30 for the quarter, compared to $2.93 total in the first two quarters.

Now what: We've known for some time that refiners would be under pressure in the second half of the year but obviously investors were surprised at how bad conditions got. Unless oil prices fall or gas prices rise significantly I don't see a lot of improvement going forward. I don't think this dip is a buying opportunity, and refiners will face pressure for a long time to come.