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: ATP Oil & Gas (Nasdaq: ATPG) shares jumped 10% in intraday trading, on news that the Obama administration is lifting the deepwater drilling ban.

So What: This is big news for drillers waiting for clarification on the Gulf of Mexico drilling ban. The news has given a boost to the drilling sector, especially companies like ATP focused in the Gulf of Mexico.

Now What: ATP investors have been concerned about worst-case scenarios, given the uncertain environment around the ban. Now that the ban has been lifted, drillers can get to back to work adapting to the new regulations. ATP shares have rallied over the last four months, but this news could provide a spark for further upside in the stock.

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Fool contributor Travis Hoium does not have a position in any company mentioned. Try any of our Foolish newsletter services free for 30 days. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Motley Fool has a disclosure policy.