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 Internet company Cogent Communications (Nasdaq: CCOI) fell 19% today after one of its customers was shut down by the Feds.

So what: Megaupload.com was raided and shut down by the FBI in a crackdown of copyright infringement. According to the Department of Justice Megaupload leased about 36 servers from Cogent and paid the company about $1 million per month for its services.

Now what: Analysts say the company provided 2% to 3% of Cogent’s revenue and first quarter revenue could decline as a result of today's shut-down. Considering the relatively small slice of revenue the drop looks pretty extreme for Cogent's shares. I think they'll bounce back when we get more answers and see today as a nice buying opportunity.

Interested in more info on Cogent Communications? Add it to your Watchlist by clicking here.

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.