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 Eastman Kodak (NYSE: EK) woke up on the wrong side of the bed this morning and fell 14% to start the day.

So what: Last night the U.S. International Trade Commission said it didn't exactly agree with Judge Paul Luckern's ruling that one of Kodak's most important patents was obvious, which you would think is a good thing. By not agreeing, it ended up sending the dispute back to him for another ruling, which is expected in August. Basically, the market was hoping that ITC commissioners would have overruled Luckern, giving Kodak a solid footing to stand on with this patent, but we're still up in the air a bit.

Now what: The reason this is a big deal is that Apple (Nasdaq: AAPL) and Research In Motion (Nasdaq: RIMM) were found to be infringing on some of the patents' components. If this holds up, Kodak could see a windfall of licensing revenue in the future -- but there's still no clear picture right now. By buying or selling today you're basically betting on how the three companies and Judge Luckern will resolve this matter in the end -- and that's a gamble this Fool isn't ready to take.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw. Try any of our Foolish newsletter services free for 30 days. 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.