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 McDermott International (NYS: MDR) surged 10% higher today after the company announced a huge new contract.
So what: The company's Australian subsidiary was awarded a contract for an Ichthys gas/condensate field project. The contract is for around $2 billion, the largest in company history.
Now what: McDermott has already started engineering work and is expecting to begin fabrication in 2013. This single contract is two-thirds of the company's total market cap and will provide work for years to come. I think this is a hugely bullish release and think this will be a catalyst to help push results and shares higher long term.
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