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 ATP Oil & Gas
So what: Shares of ATP have been all over the place recently, but today they're jumping because Rodman & Renshaw LLC analyst Jeffrey P. Hayden thinks there's too much fear in the market about the company. Hayden said concerns that the company could file for bankruptcy are "overblown."
Now what: Hayden does have an outperform rating on the stock, so the positive comments shouldn't be surprising. However, ATP has been racking up big losses and burning through cash, and has a ton of debt on its balance sheet, so the concern is at least somewhat justified. The volatility alone is enough to keep me away from shares today.
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