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 energy exploration company CAMAC Energy (AMEX: CAK) were soaring today, gaining as much as 21% in intraday trading on heavier-than-average volume.

So what: When you're an investor in an energy-exploration company that's only been reporting significant revenue for four quarters and has racked up substantial losses, what would you like to see? If you said "new discoveries" then you get a gold star. And a new discovery is exactly what CAMAC reported today.

Now what: There's not a whole lot of detail on the discovery yet, however. The company provided its preliminary view on the find, but said that the data from the well is being evaluated by a third party. While investors are obviously excited, today's move seems pretty speculative given the preliminary nature of the news. But maybe that's fitting since CAMAC is a speculative company.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.