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 InterDigital (Nasdaq: IDCC) skyrocketed today by upward of 32% after the company said it agreed to sell patents to chip titan Intel (Nasdaq: INTC).

So what: InterDigital is selling approximately 1,700 patents and patent applications to Intel for $375 million in cash, covering patents related to wireless technologies like 3G, LTE, and 802.11. The deal shows that InterDigital's R&D is "defining technologies that are central to the world's major wireless systems and devices," according to InterDigital exec Scott McQuilkin.

Now what: At the same time, InterDigital announced that it was doubling its stock repurchase program to $200 million as the Intel transaction represents a big win for InterDigital's monetization strategy. The company said it is committed to its previously stated goal of generating $800 million in sustainable annual revenue in the next three to five years, and it can also use the cash from this deal to pursue further licensing efforts more aggressively while investing in future innovations.

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