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) rose as much as 19% today after the company reported earnings and an update on its Angola project.

So what: Cobalt doesn't have any revenue yet, but the company's loss grew from $19 million a year ago to $141 million, or $0.35 per share this quarter. Adjusted for one-time items, the loss was $0.11, larger than the $0.09 loss analysts expected, but investors were encouraged by an update about Angola.

Management said that a new well in Block 21 showed that the reservoir was deeper than expected, which management called a "windfall."

Now what: This is huge news for the company because investors have been speculating on the size of the company's reservoir. Stifel Nicolau analyst Michael Scialla said there could be more than a billion barrels of oil in this one reservoir, which Cobalt has a 40% stake in. The company is still four years from potential production and with a market cap over $10 billion I think the bet is risky. Still, the news was good for today and investors will be waiting to hear more detail about the block in coming months.

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