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 energy industry supplier Frank's International NV (NYSE:FI) dropped 14% today after reporting earnings.

So what: Third-quarter revenue fell 7.8% sequentially, to $270.1 million, and net income dropped 61%, to $40.8 million. On an adjusted basis, earnings per share were $0.34, $0.06 below estimates. 

Now what: Short term, there was some weakness in results due to a lower land rig count in the U.S. But management expects full-year revenue to be flat with last year, and potentially increase as ultra-deepwater drilling increases. This quarter wasn't outstanding, but the company is well positioned in the market and, at 14 times this year's earnings estimates, I think there's still upside in the stock.