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 engineering company McDermott International (NYSE:MDR) fell as much as 10.6% today after the company reported earnings.

So what: Fourth-quarter revenue dropped 48% from a year ago to $517 million and fell way short of the $820.1 million analysts expected. A net loss of $324 million, or $1.37 per share, was also far below the $0.15 per share profit analysts expected.  

Now what: New CEO David Dickson took over late in the quarter and is already trying to streamline operations to improve long-term profitability. The short-term impact is a lot of charges related to prior projects and other write-offs. I'd like to see the operational improvement before jumping in, because the revenue and earnings figures were alarmingly bad last quarter.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.