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: Novo Nordisk (NYSE: NVO) shares jumped 11% today on news of a favorable FDA ruling.

So What: Shares have been down the last two days on concerns Bydureon -- a new diabetes drug from Amylin (Nasdaq: AMLN), Eli Lilly (NYSE: LLY) and Alkermes (Nasdaq: ALKS) -- would increase competition. Today those fortunes changed when the FDA asked for more testing on Bydureon, pushing the drug back almost two years.

Now What: This is great news for Novo Nordisk's position in the diabetes market in the U.S. but Europe still looms on the horizon. Some analysts expect European approval for Bydureon in the first half of 2011. This risk from Europe makes me think twice before jumping on Novo Nordisk's stock on a day like today.

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