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 Venoco
So what: Venoco had a net loss of $24 million in the first quarter, hurt by a $33 million derivative loss. Initially, shares dropped on the news but spiked higher in heavy volume just before noon ET.
Now what: After reaching a peak, rapidly falling oil prices weighed on shares as crude oil quickly reversed its recent trend of moving higher. As of this writing, crude oil was down 10% and Venoco was about flat for the day, so all of this movement has left us back where we started. Until we get a good indication of where oil is headed, I'll stick firmly on the sidelines.
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Fool contributor Travis Hoium has no 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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