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 McMoRan Exploration (NYSE: MMR) have dropped as much as 25% today after the company announced another delay at an important oil well.

So what: The company said it plans to test the flow of the Davy Jones No. 1 well once it unclogs the well with a solvent injection. This is another in a long string of delays by McMoRan, which had originally planned on testing the well's flow a year ago.

Now what: Losses have piled up the last two quarters so another well in production is really needed by the company. The long delay is just adding to uncertainty for investors -- there's even concern the company may have to abandon the well completely. I see no reason to buy the news today and would take a cautious approach until we see some solid data about the well going forward.

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