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 Solazyme Inc (NASDAQ:SZYM) jumped as much as 20% early in trading today before settling in with a 7% gain late in the day.
So what: The big news is that Solazyme has begun commercial production at the renewable oils plant it has in Brazil with Bunge Global Innovations. This is a 100,000 metric ton per year facility, which now overshadows a 2,000 MT/year facility in Peoria and a 20,000 MT/year plant in Clinton/Galva.
Now what: This is an important step toward long-term success for Solazyme and will prove out how valuable its renewable oils are. Investors can also expect revenue from the joint venture to pick up in the second quarter, a huge positive because Solazyme has been swimming in red ink since coming public. I'll wait to see actual financial results before getting bullish on Solazyme but this is no doubt a step in the right direction for the company.
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Travis Hoium has no position in any stocks mentioned. The Motley Fool owns shares of Solazyme. 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.