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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.
So what: Rambus lost a very important round in legal battles with Micron Technology (Nasdaq: MU ) yesterday, and the stock was totally smashed as a result. This move continues the modest bounce that Rambus performed last night -- the sellers got a bit ahead of themselves in the heat of the action.
Now what: Call it "oversold" or "dead cat bounce" -- the effect is the same. For what it's worth, today's climb flies in the face of a downgrade to "hold" at JPMorgan. If Rambus files for an appeal and the stock takes off again, that ratings change won't look all that smart.
That said, Rambus lives and dies by court decisions, so the stock may have lost most of its substance yesterday. Stay tuned to see how management handles this situation -- in particular, heavy insider selling and staffing changes would be signs that the company has given up, while the reverse would signal another dance at a higher-level court.
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