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: EXCO Resources (NYSE: XCO) dropped 10% in intraday trading today on reports that the CEO may not be taking the company completely private, as had been previously hoped.

So what: Last November CEO Douglas Miller proposed taking the company private for $20.50 per share, or more than $4 billion in total. The stock ran up about 39% on the news -- to $19.30 -- and has since traded between $18 and $21. Two months later, EXCO's board said it was considering options, including a possible sale.

Now what: When he made the offer, Miller told EXCO's board he planned to finance the deal with a "significant portion" of his 3% stake in the company, contributions from senior management and outside investors, and loans. On Friday, media reports indicated Miller is having a hard time raising the necessary capital and, under pressure to make a final offer to the board, is considering taking only part of the company private. That suggests the deal may not get done; if it does, the price may be less than $20.50.


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