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 drugmaker Elan Corp.
So what: Elan announced today that Robert Ingram, former vice chairman for GlaxoSmithKline, will take over as the company's chairman in January when Kyran McLaughlin steps down. While that may have cleared up some uncertainty, it's unlikely that it's a primary driver in today's move. More likely providing the pep was UBS' boosting its view of the stock from "neutral" to "buy." UBS noted that the company's multiple sclerosis drug could soon become a blockbuster, and said its deal with Johnson & Johnson
Now what: For those already bullish on Elan, the confirming views from UBS are likely a welcome shot in the arm. And UBS' bullishness no doubt has some new investors taking a look at shares. In the end, though, investors need to make sure they have done enough research and have solid reasoning of their own before jumping in, rather than relying on Wall Street's opinions.
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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.