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: Quantum (NYSE: QTM) popped 23% in intraday trading today after announcing that NetApp (Nasdaq: NTAP) will resell its StorNext software.

So what: NetApp will market and sell Quantum's StorNext File System and Storage Manager software worldwide, effective immediately. Combining Quantum's software with NetApp's hardware will create a system that makes it easier to share, manage, archive, and distribute on-demand videos -- a win for both companies.

Now what: Quantum's software will be peddled by a well-respected and rapidly growing company almost seven times its size. The deal should provide a meaningful boost to Quantum's sales of high-margin software and further benefit the company's earnings. The announcement did not hint, however, about whether the deal might stem years of revenue decline at Quantum.

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Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not 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.