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 Ultra Petroleum (NYS: UPL) jumped 10% briefly today on heavy volume, before crashing down to earth.
So what: There are rumors circulating on the Internet that someone is about to make a buyout offer for Ultra Petroleum, and a big buyer moved in today. Volume spiked around noon Eastern time as buyers flooded the market, only to be crushed by sellers a few minutes later.
Now what: The problem with believing Internet rumors is, they're Internet rumors. Right now, there are no facts behind the move, as the fall back to original trading levels indicates. No need to change your investing thesis today, but it was a fun ride while it lasted.
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At the time thisarticle was published 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.The Motley Fool owns shares of Ultra Petroleum. Motley Fool newsletter services have recommended buying shares of Ultra Petroleum. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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