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 LogMeIn (LOGM) have gotten crushed today by as much as 13%, as the company is giving back gains from yesterday's patent victory.
So what: The company had announced that it was found not guilty of infringement, which 01 Communique had claimed. Shares had promptly jumped as much as 22% yesterday following the news, but it seems like shares were getting a little ahead of themselves.
Now what: Wunderlich analyst Richard Baldry said yesterday's jump was a little excessive, noting that while it's a positive development, it's not a game-changing verdict. Baldry characterized the victory as a "minor positive," and that it was merely a "distraction" that's good to get out of the way so the company can refocus on the actual business. The verdict is unlikely to have a meaningful impact on the long-term fundamentals.
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