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 Federal-Mogul (Nasdaq: FDML) fell more than 10% today, partly because of a big trade during the day.

So what: There wasn't any significant news, but shares took a nosedive when a big sell order hit the market just after 2 p.m. Eastern time. More than 150,000 shares traded hands in just two minutes, far exceeding the 120,000-share average in the last three months.

Now what: Shares traded down for most of the day, along with the market, but the big drop happened when this order hit the market. As I write, shares are climbing higher and it looks like this will be a short-lived dip. I definitely wouldn't panic over the move today. Tomorrow is a day we should pay a little more attention because the company will release earnings before the opening bell.

Interested in more info on Federal-Mogul? Add it to your watchlist.

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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