October 27, 2010
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: Pampa Energia (NYSE: PAM ) shares jumped 12% today after Argentina's former president died.
So what: It may be morbid, but the stock is up on news of Nestor Kirchner's death. The news pushed Argentinean stocks higher, including energy cousin Empressa Distribuidora (NYSE: EDN ) .
Now what: Investors were not a fan of Kirchner, and his death brings speculation that Argentina may join the International Monetary Fund. Considering there is no news from the company itself, I would be hesitant buying on a speculative move. I will wait until there is real news that Argentina is joining the IMF, which could take awhile.
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