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: In trading today, shares of communications security firm VirnetX Holding (AMEX: VHC) moved as much as 13% above last night's closing price, bouncing off an early bottom to move 20% in intraday trading.

So what: The company posted a third-quarter report with the Securities and Exchange Commission on Monday night, but did not follow up with a press release. Today's massive price jump and yesterday's late-action drop of more than 16% are delayed reactions to this report as investors stumbled across new information outside the traditional news channels.

Now what: VirnetX landed a $200 million patent license payment from Microsoft (Nasdaq: MSFT) in the previous quarter, but booked no new revenue this time around, which explains the panicked drop. Today's bounce brings the stock back to a 652% gain over the past year, most of which came after that Microsoft payment. VirnetX has patent infringement lawsuits outstanding against Cisco Systems (Nasdaq: CSCO) and Apple (Nasdaq: AAPL) among other tech luminaries, and hopes to land another payday or two in the near future. I'm no fan of patent-trolling operations like this, but can't deny that the strategy has paid off handsomely so far.

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