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 (NYSE: CIE) have cruised 10% higher today after the company released a presentation for investors.

So what: The company reported that its Camela-1 well had "very encouraging results" and that "net pay estimates [were] better than expected." Quantitative results will be announced after the company performs a production test.

Now what: The company didn't release anything earth-shattering today, so the bounce is probably overdone. Oil has also climbed more than 1%, which has a positive effect on shares. I'm not a buyer today, but the company has strong prospects going forward if its results are as positive as the market seems to think they will be.

Interested in more info on Cobalt International Energy? Add it to your watchlist by clicking here.

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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