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 Dish Networks (Nasdaq: DISH) were shooting into the stratosphere today, gaining as much as 20% in intraday trading on heavier-than-average volume.

So what: It was a huge news day for Dish. The company, along with EchoStar (Nasdaq: SATS), settled a patent-litigation suit with TiVo (Nasdaq: TIVO), agreeing to pay the DVR pioneer $500 million. In addition, Dish also announced strong first-quarter results. For the quarter, the company rang up earnings per share of $1.22 on revenue of $3.2 billion. Analysts were expecting $0.68 in per-share profit on $3.2 billion in revenue. Dish tacked on 58,000 customers during the quarter as compared to estimates pointing to a 50,000 to 100,000 subscriber loss.

Now what: One quarter hardly makes a trend and Dish is coming off of a fourth quarter that saw 156,000 subscribers cut ties. This does, however, give investors reason for optimism for the coming quarters. The patent-suit settlement, meanwhile, removes a significant overhang on Dish's stock and lets investors breathe a sigh of relief since -- as at least one analyst noted -- the amount of the settlement was much lower than expected.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.