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 containership operator Danaos (NYSE: DAC) surged 13% today in intraday trading on extraordinarily high volume.

So what: At the time of publication, more than 350,000 shares of Danaos have already changed hands, versus its average volume of roughly 55,000 shares. I couldn't find any company or industry-specific news driving today's heavy rally -- close rival Seaspan (NYSE: SSW) is only up 2% -- but when you consider the stock's beta of almost two, big one-day price swings shouldn't come as that big of a surprise.

Now what: Don't let today's pop keep you from looking into Danaos. Even with the double-digit rally, Danaos shares are still down about 25% from the 52-week highs set just a couple of months ago and trade at a cheapish forward P/E of 6.3. Of course, given Danaos' heavy debt load and highly volatile nature, the opportunity is probably more suitable for less risk-averse Fools.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Motley Fool newsletter services have recommended creating a written covered straddle position in Seaspan, and The Motley Fool owns shares of it. Try any of our Foolish newsletter services free for 30 days.

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