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: Eastman Kodak (NYSE: EK) popped 20% in intraday trading today after announcing that it won the latest round in a patent dispute with Apple (Nasdaq: AAPL) and Research In Motion (Nasdaq: RIMM).

So what: Kodak has a patent on a method to preview digital images that makes efficient use of precious processing power and storage. It claims that Apple's iPhone and RIM's BlackBerry violate that patent.

Now what: Settlements with Samsung and LG Electronics over the same patent were worth a combined $964 million to Kodak. The company's CEO predicted that settlements with Apple and RIM could be worth an additional $1 billion, though it's possible that would be spread over multiple years. An additional $1 billion would do wonders for this unprofitable company's bottom line in the near term, but it wouldn't resolve the business challenges behind its declining revenue.

Interested in more info on EK? Add it to your watchlist.

Fool contributor Cindy Johnson owns no shares of any company named above. Apple is a Motley Fool Stock Advisor choice, the Fool has written puts on Apple, Motley Fool Options has recommended a bull call spread position on Apple, and the Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.