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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 news aggregator Rediff.com (Nasdaq: REDF ) plunged more than 10% in early trading today, before climbing back to a much smaller one-day dip.
So what: Don't cry for Rediff: Those shares are still up by 46% this week alone. Today's drop looks more like a bit of profit-taking than a wholesale rout.
Now what: Unlike many other media stocks that have soared this week on fast-and-loose buyout rumors, Rediff is largely doing its own thing. Shareholders approved a strategic acquisition last week that moves the company into local TV advertising deals it couldn't touch before. Share prices popped when that approval hit the news wires and have stayed high ever since.
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