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 Encore Capital Group (Nasdaq: ECPG) didn't just plunge today. They fell off a cliff at 12:04 p.m. ET, when sellers crashed through the market.

So what: The news of the day was accusations from Minnesota's attorney general that Encore "robo-signed" affidavits. That news caused someone to panic, selling nearly 90,000 shares, an average day's volume, in just two minutes.

Now what: Shares have recovered nicely and are trading down 2.6% as I write. Apparently, the panic didn't spread past one big seller, but the accusation from the attorney general isn't exactly a buy sign for investors. All 50 state attorneys general are looking into robo-signing, and this will not be the last we hear of the subject.

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