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 Walter Energy
So what: Yesterday, shares jumped on a report out of London's Independent that BHP Billiton
Now what: There wasn't a lot of new information in The Australian article, so investors buying on that news are a little late to the party. But like I said yesterday -- buying simply on rumor is a terrible way to invest.
Analysts did react last night and don't seem to think the Walter/BHP deal makes a lot of sense; shares have been selling off all day. The euphoria is starting to die, and I don't see shares holding at elevated levels unless a deal is actually announced.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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