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 Quicksilver Resources (NASDAQOTH:KWKAQ) jumped 15% today after reporting third-quarter earnings.

So what: Revenue fell from $169 million a year ago to $113 million, but that's due in large part to asset sales. What's more impressive is a swing to a third-quarter profit of $11 million, or $0.06 per share, after coming close to bankruptcy over the past couple of years.  

Now what: Management is executing on a deleveraging plan and even announced a deal with Eni today that would pay up to $52 million for a 50% stake in Quicksilver's Leon Valley acreage. This and more has helped the company reduce net debt over the past year, although I'm still concerned about $1.93 billion in long-term debt hanging over the company. That risk alone will keep me out of the stock, but if conditions continue to improve, there's certainly a lot of upside for investors.