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 wireless technology developer InterDigital (Nasdaq: IDCC) popped 12% on Wednesday after winning a favorable ruling in its lawsuit against Nokia (NYSE: NOK) over 3G patents.

So what: The U.S. Court of Appeals for the Federal Circuit overturned a previous U.S. International Trade Commission decision in Nokia's favor, resurrecting InterDigital's chances of getting Nokia to pay patent royalties on 3G mobile phone technology. InterDigital shares have been crushed in recent months on rapidly slowing growth, so the news comes as a much-needed boost to shareholders.

Now what: The appeals court said the ITC misconstrued two InterDigital patents and will now send the case back to the ITC for new proceedings. While the persistent trend of shrinking licensing revenues is worrisome, the new short-term catalyst, coupled with InterDigital's still very valuable patent portfolio, makes the stock a tempting turnaround play. With the shares still off considerably from their 52-week high, I wouldn't let today's pop keep me from looking into the opportunity.

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