Don't let it get away!
Keep track of the stocks that matter to you.
Help yourself with the Fool's FREE and easy new watchlist service today.
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 TiVo (Nasdaq: TIVO ) fell 11% briefly this morning after it was announced that Dish Network (Nasdaq: DISH ) would be allowed to reopen a patent infringement lawsuit against the company.
So what: This suit dates back to 2005 and has been on hold while the U.S. Patent and Trademark Office examined whether Dish Network should have gotten three patents it was awarded. When the market settled down, TiVo was down just 3%, but someone panicked at the start of trading by selling 2 million shares at the opening bell. Good timing for buyers on the open who got a nice gain within minutes.
Now what: The suit has already been "whittled down to one patent" as TiVo's management said this morning, and with the long delay I don't know how strong Dish Network's case can be. Today's news doesn't make me want to run out and buy shares of the unprofitable TiVo, but it wouldn't scare me away, either. I see no reason to fundamentally change your investing thesis on today's news. After all, a trade that crashed through the market caused the biggest move today.
Interested in more info on TiVo? Add it to your watchlist.