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 Linn Energy (OTC:LINEQ) and Linn Co, LLC (NASDAQ: LNCO) jumped more than 10% as the company cleared a hurdle for its merger with Berry Petroleum (NYSE: BRY).

So what: Linn announced that the SEC said it has "no further comments" on the company's filed S-4, and Linn announced a November 6 conference call. Of course, this comes a day after the merger deadline passed, but as of right now, it's still on. 

Now what: The question is whether or not Berry's shareholders still see a merger as a good deal, which is extremely questionable at this point. The 1.25 shares of Linn Co they would get are worth $41.50 right now, well below Berry's stock price of $48.80. This may clear a hurdle, but it also comes at a time that Berry has a way out of the merger.