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 Gogo Inc (NASDAQ:GOGO) rose more than 10% early Thursday, then settled to close up around 1% after the in-flight connectivity specialist announced a technical services agreement with Boeing.

So what: The news follows a nearly 7% pop yesterday, which occurred after Gogo announced a partnership with Air Canada to bring Wi-Fi to its North American fleet in May. The Air Canada deal also included future type-testing beginning in 2015 of Gogo's satellite solutions for Wi-Fi on international flights.

However, today's Boeing agreement is different in that Boeing hasn't officially approved a wide-scale partnership just yet. Rather, it's a solid first step as Boeing evaluates Gogo's suite of technology solutions for new aircraft orders. Gogo, for its part, says it's targeting having line-fit evaluations completed for its new "ATG-4" technology by 2015, and satellite solutions by 2016.

Now what: That said, Gogo does already have an agreement in place for line-fit provisions for ATG-4 on Boeing's 737NG aircraft, and it seems likely its tech will eventually make its way into the rest of Boeing's fleet. With shares still down around 20% during the last month, I wouldn't be surprised if the stock has some upside left for patient long-term investors.

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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.

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