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 Ultra Petroleum
So what: There are rumors circulating on the Internet that someone is about to make a buyout offer for Ultra Petroleum, and a big buyer moved in today. Volume spiked around noon Eastern time as buyers flooded the market, only to be crushed by sellers a few minutes later.
Now what: The problem with believing Internet rumors is, they’re Internet rumors. Right now, there are no facts behind the move, as the fall back to original trading levels indicates. No need to change your investing thesis today, but it was a fun ride while it lasted.
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