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 high-power fiber laser specialist IPG Photonics (Nasdaq: IPGP) popped 15% in intraday trading Friday after a Michigan jury ruled that it didn't infringe on IMRA America's patent claims.

So what: The suit had been going on for a long five years, so today's news nicely gets rid of one of the main risks of owning IPG. Of course, the stock is still down more than 25% over the past three months, suggesting that Mr. Market is still very much concerned with the macro environment.

Now what: Don't let today's rally frighten you from the stock. IPG is expected to grow its bottom line at a more than 20% pace in each of the next five years, and with the short-term legal overhang now removed, the stock should be free to reflect that growth. Of course, as an industrial tech stock with a relatively high beta, expect the road to be bumpy.    

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