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 oil and gas company Goodrich Petroleum Corporation (NYSE: GDP) fell 20% yesterday after reporting earnings.

So what: Fourth quarter revenue was up about 50% to $50.6 million but fell well short of the $62.4 million analysts expected. On the bottom line, Goodrich lost $30.9 million, or $0.73 per share, also below the $0.48 loss analysts expected.  

Now what: A drop in realized price for natural gas from $7.24 per Mcfe to $6.81 per Mcfe overshadowed a rise in production but growth clearly wasn't up to expectations. Even a 36% increase in proved reserves to 452.2 Bcfe wasn't enough for investors. I'll stay out of Goodrich as losses continue to mount because I just can't see the point when the company turns a corner to profitability.