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: One day after a massive drop, shares of IntraLinks Holdings (NYSE: IL) surged 33% in early trading and closed up more than 20%.

So what: While the rally can't make up for yesterday's breathtaking 45% decline, it's a good start -- as is an announcement that Asian law firm Mallesons has selected IntraLinks' on-demand software for managing mergers-and-acquisitions advisory work.

Now what: Investors had been concerned IntraLinks would realize little to no third-quarter growth. Now that there's a contract to point to -- and a deal that could involve deploying the software to hundreds of lawyers -- sellers don't have as much to fear. Or at least that's the theory. The truth is IntraLinks trades about even with long-term earnings growth estimates that could prove as unreliable, given the difficulty of getting big firms to sign big deals as a teetering economy looms. Do you agree? Disagree? Weigh in using the comments box below.

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Fool contributorTim Beyers is a member of theMotley Fool Rule Breakers stock-picking team. He didn’t own shares in any of the companies mentioned in this article at the time of publication. Check out Tim'sportfolio holdings andFoolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insightsdelivered directly to your RSS reader.

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