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 technology license wrangler InterDigital (Nasdaq: IDCC) lost their license to thrill today, falling as much as 23.8% on heavy volume.

So what: The company put itself up for sale a few weeks ago, and the first round of bidding has closed. According to dealReporter, the first round of offers ranged from $1 billion to $2 billion, far below the $2.6 billion market cap that InterDigital commanded Friday or the recent high-water mark north of $3.4 billion.

Now what: The red-hot market for patent assets is cooling down quicker than InterDigital and many of its peers had hoped. Shares of wireless patent hopeful VirnetX (AMEX: VHC) dropped as much as 7% without any news of its own while memory-tech specialist Rambus (Nasdaq: RMBS) remains nearly flat. It looks like the big boys of tech already got their fill of high-tech patent claims, reducing hopes for big buyout paydays across this burgeoning little industry.

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Fool contributor Anders Bylund  holds no position in any of the companies discussed here. Motley Fool newsletter services have recommended buying shares of InterDigital. 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 is investors writing for investors.