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
So what: The frenzy early this morning was a bit overdone when 300,000 shares traded within the first few minutes the market was open, causing the spike. The only news of note was the promotion of Mike Palmer to senior VP for operations, which was filed with the Securities and Exchange Commission this morning.
Now what: Chalk this up as a wild move in a stock that tends to make wild moves on an almost daily basis. As fellow Fool Sean Williams said last week, traders are in full control of this stock so long-term investors are just along for the ride. This stock is just a bit too volatile for me with a seemingly unexplainable move happening almost every day.
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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