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 Midstates Petroleum Company Inc. (NASDAQOTH:MPOYQ) had a wild day today, rising 10% at the open, falling, and then climbing to a 4% gain mid-day.

So what: Total revenue more than doubled in the first quarter to $144.7 million, but net loss ballooned to $83.6 million, or $1.31 per share. On an adjusted basis, which pulls out one-time items, net income was $8.3 million, or $0.13 per share, which was ahead of the penny loss analysts expected.  

Now what: As with many companies, weather affected production in the first quarter but shouldn't hold the company back long-term. Management reaffirmed 2014 production guidance of 32,000 to 35,000 barrels of oil per day for Pine Prairie, and expects to lower long-term debt to adjusted EBITDA to a ratio of 3.5. I think the company is headed in the right direction, and reduced leverage will help reduce risk for shareholders long-term.