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 Linn Energy (NASDAQ:LINE) and Linn Co, LLC (NASDAQ:LNCO) jumped more than 10% as the company cleared a hurdle for its merger with Berry Petroleum (UNKNOWN:BRY.DL).

So what: Linn announced that the SEC said it has "no further comments" on the company's filed S-4, and Linn announced a November 6 conference call. Of course, this comes a day after the merger deadline passed, but as of right now, it's still on. 

Now what: The question is whether or not Berry's shareholders still see a merger as a good deal, which is extremely questionable at this point. The 1.25 shares of Linn Co they would get are worth $41.50 right now, well below Berry's stock price of $48.80. This may clear a hurdle, but it also comes at a time that Berry has a way out of the merger. 

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.