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 Cobalt International Energy
So what: The company said it had extended its lease with Diamond Offshore Drilling
Now what: The news from Maersk Oil hasn't been confirmed yet, but judging by the market's reaction the numbers should be fantastic. Cobalt was unsuccessful in an initial well, and the hope is that the current wells being drilled will pay off big. I'm not buying on rumor, but if Cobalt can strike a rich well in the region, it could be a game changer.
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