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 U.S. gaming giant Caesars Entertainment Corp (NASDAQ:CZR) dropped as much as 17% today after the company asked for an extension to file a reorganization plan.

So what: Caesars has until May 15 to file a plan for reorganizing its operating unit that's in bankruptcy, but asked a judge today to grant a six-month extension. The company's reason was the complexity of the transaction as well as outstanding legal challenges that could undo the spinoffs that created the bankrupt Caesars Entertainment Operating Co. in the first place. 

Now what: Caesars is in for a long, drawn-out legal battle and this is just the latest action that could impact the stock. At the end of the day, Caesars Entertainment is a company that doesn't have any profit to fall back on and if its operating and real estate spinoffs are undone, the entire company could be pulled into bankruptcy. This is a stock I would stay far away from and it's days like this that just highlight how much uncertainty Caesars has ahead.