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) initially surged more than 11% but have since fallen more than 4% in intraday trading. Cue roller-coaster sound effects. (Wheeeeeeee!)

So what: Hyperdynamics got an early boost from news that its interests off the coast of the Republic of Guinea could yield 3.7 billion barrels of "potentially recoverable unrisked prospective oil resources."

Now what: Hello, hyperbole. Usually it takes an act of Congress to introduce this many qualifiers. But investors needn't get too excited by the action in this stock.

With a beta of 2.64, Hyperdynamics is more than two and a half times as volatile as the market. Big moves are part of what makes this stock what it is and may be why traders love it so much.

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