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 W&T Offshore, (NYSE:WTI) dropped 10% today after the company disclosed further regulatory issues.

So what: On November 19, 2013, the company received a notice of suspension and proposed debarment from the U.S. Environmental Protection Agency's Suspension and Debarment Division. The proposal is to suspend the company and debar it for three years from participation in future federal contracts as a contractor or subcontractor.

Now what: This is a byproduct of a plea agreement that led to a corporate conviction on two counts of the Clean Water Act in 2009. Management doesn't think the suspension or debarment is warranted, but this isn't a good sign that they'll be able to overturn the ruling. With this cloud hanging over the company, I don't see a reason to buy the stock right now.