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 InterOil Corporation (NYSE: IOC) fell 11% in intraday trading today on very high volume.

So what: The company gave an update on its operations in Papua New Guinea early this morning, confirming progress on its Gulf LNG Project after the country's new energy minister made skeptical comments about it. The other news is that hedge fund manager George Soros is returning the outside capital in his fund, and considering that InterOil is a top 10 holding, he may be selling a chunk of shares.

Now what: Overall, I would be more leery of the long lead-time in the company's LNG project than Soros' investment. The project, which is supposed to have a capacity of 5 million tonnes per annum in 2014 with a possible expansion, is still years from production, leaving a lot of time for things to change. I'll stay away from this dip in shares today.

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