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 HyperDynamics (AMEX: HDY) jumped as much as 20% in early trading Thursday, continuing momentum from yesterday.

So what: The company is holding its shareholders meeting today and unveiled a presentation outlining future plans including an example of 3-D seismic data. The company will begin drilling its spud well in October of this year barring any setbacks.

Now what: After an upgrade from analysts at Howard Weil yesterday, the stock was off and running in its usual momentum pattern. When HyperDynamics gets on a roll, the stock can move higher quickly but can also reverse momentum to the downside. I pointed to improving value yesterday when I jumped aboard the bandwagon, but after a nice jump today I may be tempted to take some gains off the table. I like the stock long term, but taking a nice profit in just one day is pretty tempting.

Interested in more info on HyperDynamics? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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