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 WPX Energy Inc (NYSE:WPX) dropped 15% today after the company released earnings.

So what: Revenue dropped 4% in the quarter due to lower natural gas prices, and net loss nearly doubled, to $114 million, or $0.57 per share. Analysts were only expecting a $0.21 loss per share, so investors are reacting to the bottom-line miss today. 

Now what: No one was expecting a profit in the third quarter, but the loss was higher than expected, mostly due to weakness in natural gas. The good news is that WPX Energy is quickly transitioning to liquid plays, increasing drilling into 2014. I don't think the near-term challenges will be as prevalent in the future and, as oil plays a bigger role in results, the bottom line will improve, providing upside for investors willing to buy now.