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 Neonode (NASDAQ:NEON) rose more than 14% Thursday after the optical touch technology specialist issued a press release stating it has "entered a new worldwide license agreement with a second undisclosed Tier-One Consumer Electronics OEM in South Korea." Through the agreement, Neonode's patented MultiSensing technology will be integrated into high-volume consumer applications. 

So what: Today's news comes less than two months after Neonode's similar announcement in July, which stated the company had landed its first design win with a different Tier-One consumer electronics OEM in South Korea. Though neither release specifically names these mystery partners, it would seem they're likely Samsung and LG, which collectively represent the two most significant South Korean players in the global consumer electronics market.

Now what: Neonode CEO Thomas Eriksson certainly fueled this speculation by stating, "This landmark agreement is a major milestone for Neonode, as it is a testament to our ability to deliver outstanding value for the largest global OEMs. We are extremely excited to bring our feature-rich technology to a celebrated global brand of this size and stature."

While Neonode currently isn't profitable on a trailing price-to-earnings basis, there are plenty of applications for its technology from tablets to home appliances and wearable technology. Today's news, then, makes it seem all but certain the company will ultimately achieve sustained profitability, so with the stock trading at less than 22 times next year's estimated earnings, it could prove a bargain down the road.

Fool contributor Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.