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 Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) dropped 10% today after announcing earnings.

So what: In the third quarter, Calumet swung from a $42.4 million profit a year ago to a $34.8 million, or $0.54 per share, loss. Analysts were expecting a profit of $0.11 per share, so the results were disappointing at first glance. 

Now what: Some of the income decline was due to higher input costs, resulting in lower margins for fuel and specialty products. The other big impact was a 30-day turnaround at a Montana plant that produces 10,000 barrels of product per day. Looking forward, operations should improve, as oil prices have fallen at both the Montana facility and the acquired San Antonio facility. While this quarter was disappointing, I think there's upside going forward, which presents a buying opportunity for long-term investors.