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: Stone Energy (NYSE: SGY) shares jumped 10% in trading today on normal trading volume.

So what: This move, while drastic, brings the stock back to levels it saw at the end of April. It was a strong day in the stock market for many energy stocks, and investors were extra keen on Stone.

Now what: There really wasn't any special news to warrant that kind of a move. Stone is a much smaller company than peers Concho Resources (NYSE: CXO) and Whiting Petroleum (NYSE: WLL), so its shares tend to be more volatile -- hence the larger gain on a day that favored many companies in the energy space. It's nothing to get particularly excited or depressed about, but it certainly feels nice if you happen to already have been a Stone shareholder.

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