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: Eastman Kodak (NYSE: EK) dropped 11% in intraday trading today after a negative article in The Wall Street Journal overshadowed positive news about its digital photography patent lawsuit.

So what: The Journal opened its article with this ominous statement: "The value of Eastman Kodak Co.'s bonds is sinking rapidly, a sign of growing concern the faded one-time blue chip is running out of time to adapt to the changes sweeping its industry." Also late yesterday, the U.S. International Trade Commission upheld a May ITC decision and again ruled in favor of Kodak in its lawsuit against Apple (Nasdaq: AAPL) and Research In Motion (Nasdaq: RIMM).

Now what: Kodak is hoping that winning the lawsuit will result in $1 billion in royalties from Apple and Research In Motion. Even though the lawsuit was going Kodak's way, its bonds have dropped from about $0.86 on the dollar to about $0.73 on the dollar in less than a month. As The Motley Fool has noted in the past, credit analysts are typically quicker to spot problems than equity analysts. Kodak's stockholders should consider themselves warned.

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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.