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: InterDigital (Nasdaq: IDCC) popped 19% in intraday trading today on news reports that Google (Nasdaq: GOOG) is interested in bidding on InterDigital.

So what: Today's pop builds on a 28% pop yesterday, on news that InterDigital's board had initiated a "strategic review" that could result in a sale of the company, and a 17% pop on July 1, as investors reassessed the value of InterDigital's patent portfolio based on strong bids for Nortel's patent portfolio.

Now what: InterDigital's patent portfolio is rich in intellectual property in the hot wireless communications/mobile sector, a key strategic focus for Google. Google bid on Nortel's patent portfolio, but lost out to a consortium that included Apple (Nasdaq: AAPL), Microsoft (Nasdaq: MSFT), Research In Motion (Nasdaq: RIMM), Sony (NYSE: SNE), EMC (NYSE: EMC), and Ericsson. The consortium paid a stunning $4.5 billion for Nortel's patents, about 60% more than InterDigital's $2.8 billion market cap at today's intraday price of $61.25.

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Fool contributor Cindy Johnson owns shares of InterDigital. 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.