Why Did These Stocks Skyrocket?

So what happened to that amazing 2009 recovery?

The European debt crisis that began as a minor issue in Greece has spread like wildfire to the rest of the European Union. The energy sector has been pummeled as the BP oil spill continues to drag on, taking with it the share prices of almost every company involved with exploration, drilling, or services.

In times like this, it's not odd to see drastic movement in your portfolio, stocks that move by 5%-10% on barely any news at all. So let's see which stocks skyrocketed on Wednesday and examine whether or not there was any logic to justify their shift.

*Yahoo! Finance.

Although Dendreon has already given back some if its spectacular 17% gain from Wednesday, the company is riding high off good prescription news. Despite a wider-than-anticipated second-quarter loss, Dendreon has been able to increase sales of its star prostate cancer treatment, Provenge. In June, the FDA approved another drug for similar treatment by Sanofi-Aventis (NYSE: SNY) called Jevtana. Regardless of competition, according to the company, sales are averaging about $5 million per month; when all is said and done, Provenge should bring in a whopping $1 billion per year in revenue -- no wonder this company is skyrocketing!

Barnes & Noble, the largest book retailer, has put itself on the chopping block -- the bigger question, however, is who the heck will want to buy them out? Book junkies now have even more outlets than ever as Amazon.com's (Nasdaq: AMZN) Kindle and Apple's (Nasdaq: AAPL) iPad offer plenty of reading alternatives. What company will actually want the retail outlet -- the overhead, the salaried employees, the big rental payments -- when companies like Amazon can avoid that type of serious expense? Personally, I can't figure out what company would want Barnes & Noble, even if they can grab it at a dirt-cheap price -- if you can think of one, then please, let us hear it in the comments box below!

Shares of this Aussie oil refinery are up over 120% in the past year -- definitely nothing to sneeze at. The company has hit higher levels of its Papa New Guinea reservoir, much higher than it had anticipated. In addition, it recently signed an agreement with Mitsui for the Japanese conglomerate to help fund IOC's Elk and Antelope fields. Papa New Guinea has seen a flurry of new investment as demand from Asia has caused companies like ExxonMobil (NYSE: XOM) to spend over $10 billion on natural gas projects.

The Foolish bottom line
In the choppy waters of today's market, you have to watch your portfolio carefully -- but be careful to distinguish between random volatility and a true change in fundamentals. If your stocks are jumping all over the radar screen but your investing thesis remains intact, then just sit back and hold on for the ride.

Have an opinion on any of the stocks mentioned above -- sound off in the comments below!