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 MannKind (Nasdaq: MNKD) rocketed 10% higher today before falling back to earth.

So what: The news of the day was the FDA delayed its decision on inhaled insulin product Afrezza until around Jan. 26. Analysts are having a tough time figuring out if this is bearish or bullish news, but the bulls took hold early this morning.

Now what: Bulls are interpreting it as a sign the FDA is diligently looking at the application and just needs more time to review the latest information. Bears see this as a sign the FDA doesn't think Afrezza is urgent. Today's news doesn't appear to provide a lot of conviction one way or the other. I don't think today should change your opinion going forward; it just delays the verdict everyone wants to hear.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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