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's happening: Shares of natural gas refueling leader Clean Energy Fuels Corp (NASDAQ:CLNE) fell sharply when the market opened -- almost 11% -- before rebounding pretty strongly. As of this writing, just after noon, its stock is down less than 2%. 

Why it's happening: Clean Energy reported earnings for its first quarter after market hours on May 11, coming in short of analyst expectations in both net income and revenue. Then in after-hours trading, the stock was down more than 10% for most of the late session. 

However, Clean Energy's current phase -- investing big bucks in new stations for growth -- adds a layer of complexity that makes it necessary to look beyond just the top- and bottom-line metrics, and it's looking like early traders this morning got burned, while those who didn't sell as soon as the market opened are benefiting from at least a little bit of patience. 

For long-term investors, things look pretty good for the company. If you're looking for more, check out my full earnings take here.