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.

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