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 thesis.
What: Shares of Palo Alto Networks, (NYSE: PANW ) rose more than 11% Thursday after the company announced a favorable court ruling in a patent infringement case brought by Juniper Networks.
So what: Specifically, Palo Alto announced a U.S. District Court has rejected Juniper's motion for summary judgment of patent infringement. Instead, the court granted, in part, several of Palo Alto Networks' motions for summary judgment of non-infringement based on the doctrine of equivalents. What's more, Palo Alto Networks received favorable decisions on claim construction regarding the patents.
Now what: The decision paves the way for a trial, during which Palo Alto Networks CEO Mark McLaughlin insists they "look forward to proving [...] that we do not infringe the Juniper patents."
Even so, and keeping in mind that shares aren't exactly cheap trading around 90 times next year's estimated earnings, I still prefer to remain on the sidelines until the infringement suit is fully resolved.
Consider the six incredible growth stocks in this free report
In the meantime, there are plenty of other great places to put your money to work. So where should you look?
Consider the investing expertise of Motley Fool co-founder David Gardner, who has proved skeptics wrong, time, and time, and time again, with stock returns like 926%, 2,239%, and 4,371%. In fact, just recently, one of his favorite stocks became a 100-bagger. And he's ready to do it again. You can uncover his scientific approach to crushing the market and his carefully chosen six picks for ultimate growth instantly, because he's making this premium report free for you today. Click here now for access.