December 21, 2011
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 Cobalt International Energy (NYSE: CIE ) jumped 10% again today in a brief-lived rally based on an analyst's upgrade.
So what: Goldman Sachs (NYSE: GS ) gave Cobalt a bit of a boost this morning when it put the company on its Americas Buy List. This came a day after the company was awarded a block to drill in Angola's waters.
Now what: I love the irony of adding Cobalt to the Americas Buy List after it was awarded a contract to drill off the coast of Africa, but that's what Goldman did. The rally didn't last long this morning because investors already knew of the Angola news and had priced in the news yesterday. Still, it's nice to get affirmation from a big investment house that your stocks are loved, and I reiterate my position that this could be a long-term catalyst for the company going forward.
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