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 savings and loan bank Flagstar Bancorp (NYSE: FBC) took an abrupt and unexpected nosedive during the middle of the trading day, but have since recovered almost completely.

So what: With no news released today, we can only infer from the action seen shortly after 1 p.m. EST that someone wanted out of Flagstar and wanted out quickly. More than 1.5 million shares appear to have been sold, shooting the stock down at one point by 18%. The stock has recovered to be down less than 4%.

Now what: Flagstar has been struggling mightily to cope with a portfolio full of bad debts and weakening credit, all relating to loans it made before the housing bubble burst. The company completed a 1-for-10 reverse split last year and now sits down more than 99% from five years ago. It has become a favorite of daytraders lately because of its low price point and healthy volume, so today’s action should be taken with a grain of salt. But looking beyond today’s move, Flagstar has a long way to go fundamentally before it should come across your investment radar.

Interested in more info on Flagstar Bancorp? Add it to your watchlist by clicking here.

Fool contributor Sean Williams does not own shares in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong.

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