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 Schweitzer-Mauduit (NYSE: SWM) fell 10% today when the company announced one of its patents had been "rejected."

So what: The only news of the day is that U.S. Patent 6,725,867 (in case you were wondering) has been sent back with "rejected" stamped all over it. The patent covers a process for making paper wrappers used in smoking articles. You may be wondering why in the world investors should care about this. Well, SWM bills itself as a technology company, and when your technology exclusivity comes into question, that's a big deal.

Now what: Before we overreact, this "rejection" is really just a part of the normal patent process. SWM will now answer any questions the patent office has and defend the claims of the patent in a process that makes reading SEC filings seem exciting (sorry, patent attorneys). I don't see any reason to panic today, and this could be a good buying opportunity for those looking to pick up some shares.

Interested in more info on Schweitzer-Mauduit? 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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