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 title insurer Fidelity National Financial (NYSE: FNF) fell more than 11% as investors reacted to a change in the company's dividend policy.

So what: Dividends have been back in vogue as investors look to the quarterly cash payouts as a source of returns while the stock market oozes uncertainty. Along with its earnings report on Wednesday, Fidelity National announced that for 2011, it will reduce its target payout ratio -- that is, the percentage of earnings that are paid out in dividends -- to 30% from 60%. Because investors like to see their dividends go in only one direction (up!), the news was met with a nasty sell-off.

Now what: Fidelity National flooded the market with significant news yesterday. In addition to the change in dividend policy, the company also reported better-than-expected earnings, a changing of guard at CEO, and a deal with Bank of America (NYSE: BAC) regarding the recent foreclosure debacle. The dividend change is certainly notable, not only because it suggests continuing lean times, but also because it's unclear whether this will be a long-term change in policy. Income-focused investors may want to look for greener pastures, but if the sell-off continues, investors willing to deal with the new dividend policy may want to keep an eye on the stock in case it slips into bargain territory.

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