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 explorer Callon Petroleum Company (NYSE:CPE) jumped 11% today after reporting earnings.

So what: Revenue dropped 8% in the fourth quarter, to $26.5 million, due to the sale of offshore fields. Net income for the quarter was $1.3 million, or $0.03 per share, which compares to a $0.4 million loss a year ago. 

Now what: Results largely matched expectations, and analysts think the company will report a $0.28 profit per share this year. The challenge will be growing production as much as anticipated after a drop year over year. Even with growth in shale production, I don't see the forward P/E ratio of 29 to be an appealing entry point with the company hovering around breakeven.