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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 ) have cruised 10% higher today after the company released a presentation for investors.
So what: The company reported that its Camela-1 well had "very encouraging results" and that "net pay estimates [were] better than expected." Quantitative results will be announced after the company performs a production test.
Now what: The company didn't release anything earth-shattering today, so the bounce is probably overdone. Oil has also climbed more than 1%, which has a positive effect on shares. I'm not a buyer today, but the company has strong prospects going forward if its results are as positive as the market seems to think they will be.
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