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 print services specialist Quad/Graphics (Nasdaq: QUAD) jumped as much as 15.3% on heavy trading.

So what: Quad shares dropped precipitously last week on a terrible earnings report, but this is not just a simple relief rally. Superinvestor John Paulson just disclosed that he isn't selling Quad shares, as so many others have done, but held his million-share position steady from early June to late September.

Now what: It's a tacit vote of confidence, but not exactly a ringing endorsement. Quad makes up a paltry 0.1% of Paulson's portfolio, and share prices are still down 21% over the last week, or 65% year to date. With a crushing debt load, razor-thin margins even at the best of times, and nearly no cash in the bank, Quad appears headed for that great liquidation party in the sky. Mind you, rivals Consolidated Graphics (NYSE: CGX) and R.R. Donnelly & Sons (Nasdaq: RRD) aren't doing that much better. Maybe we investors should just stay away from last-generation printing technology in an increasingly digital advertising and publishing world.

Interested in more info about Quad/Graphics? Add it to My Watchlist.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.