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: Universal Display (Nasdaq: PANL) shares are taking a real beating today, down as much as 11% at one point (they've recovered a bit since.)

So what: Good question. As there's no news of note concerning the stock today, it would appear the selling is a continuation of the fear-inspiring news of earlier this week: Korea's Duksan Hi-Metal Co. is challenging UDC's patents for OLED technology.

Now what: A loss of patent protection would imperil the royalty revenues that UDC collects from customers such as Samsung. When you consider that even with these patents, the company still isn't profitable, a Fool shudders to think what would happen if the patents went away. Personally, I wasn't too hot on UDC's prospects to begin with. This week's news does nothing to change my opinion of the stock.

Think Rich is being overly skeptical of Universal Display? (You're not alone. Universal Display is a Motley Fool Rule Breakers recommendation.) Add the company to your Watchlist and find out who's right about this one.

Fool contributor Rich Smith does not own (or short) any company named above, but Motley Fool newsletter services have recommended buying shares of Universal Display. The Motley Fool has a disclosure policy. Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.