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 Nuverra Environmental Solutions, Inc. (NESC) jumped as much as 12% in early trading after announcing new financing.

So what: Management said an existing Bank Credit Facility has been converted into a $200 million revolving credit facility that will give the company more flexibility. It will be secured by the company's assets and will also allow management to buy back some of the outstanding 9.875% senior notes due 2018.  

Now what: This should hellp lower financing costs slightly but it doesn't change the fundamental challenges for Nuverra. The company has lost money in three straight quarters and debt wasn't the main factor leading to those losses. This is an incremental positive for Nuverra but not a reason to fundamentally change your investment thesis today.