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 oil and gas operator Hyperdynamics (AMEX: HDY) climbed 10% in intraday trading Friday on roughly average trading volume.

So what: I couldn't pinpoint any specific news driving today's rally, but the stock isn't exactly a stranger to seemingly random pops and drops. The market's up, oil's up, and investors are generally getting comfortable with risk today, so I'm chalking the supercharged surge in Hyperdynamics up to its high beta value of 2.4.  

Now what: The stock is still too speculative for most long-term Fools. Although its West African assets are certainly tantalizing, time isn't exactly on the side of Hyperdynamics investors, given such prodigious negative free cash flow. Although waiting for production might mean a significantly higher buy-in price, it seems like the prudent thing to do, given the big downside that remains.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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