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: Eastman Kodak (NYSE: EK) shares are up more than 16% following its Q3 earnings report.

So What: The company's Q3 loss was dramatically narrower than Wall Street analysts expected, coming in at $0.16 per share. The improvement was driven by a new intellectual-property licensing deal the company negotiated.

Now What: Kodak has struggled for years as its traditional film business rapidly declined against intense competition from digital photography. If the company can convert its vaults of intellectual property into dollars, it may still have hope for the future. Watch for more pops if and when the company announces more licensing deals.   

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Fool contributor April Taylor does not own shares of the companies 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.