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 explorer QEP Resources, Inc. (QEP) fell as much as 19% today after the company reported earnings.

So what: Fourth-quarter revenue was up 1.5% to $715.5 million, but fell well short of the $767.8 million analysts expected. On the bottom line, the company lost $52 million and after pulling out one-time charges, earnings were $0.17 per share, less than half of the $0.40 per share Wall Street expected.  

Now what: Cold weather affected some operations and equivalent production fell 10% last quarter to 75.1 Bcfe, a big reason for the weakness in earnings. What's also concerning is that management doesn't expect growth this year, forecasting 283-307 Bcfe of production this year. With operations not growing at a significant clip, I don't see shares being worth 25 times trailing earnings, especially when you consider that the last four quarters have failed to miss expectations.