Although we don't believe in timing the market or panicking over daily movements, we do like to keep an eye on market changes -- just in case they're material to our investing thesis.

After a few earnings releases from some of the Dow Jones Industrial Average's (^DJI 0.17%) higher-profile and high share price stocks, the index is down 35 points or 0.22%, at 1 p.m. EST. The other major indexes, the S&P 500 and the Nasdaq, are respectively higher by 0.07% and 0.43%. The divergence, seen today and repeatedly through the new year, has some investors asking whether the Dow is still relevant.

One of the Dow's big winners of the day is Walt Disney (DIS 0.11%), which is up 1.4%  after Bernstein analyst Todd Juenger argued that Disney's shares price has not taken into account its 50% stake in the TV network A&E. Juenger believes that if A&E's value is $23 billion, Disney's stake should add about $6 per share to the company's stock price. Juenger has a $82 price target on the stock and believes A&E network sales are stronger than those from what he calls the high-profile networks such as CBS, AMC, and Discovery.  

A big winner outside the Dow is RadioShack (RSHCQ), as shares are climbing higher more than 17% at this time. The move is likely due to the fact that Jamie Zimmerman's Litespeed Management disclosed Friday it had taken an 8.1% stake in the struggling retailer. The stock rose slightly yesterday and not at all on Friday. It seems mainstream investors are just hearing this news today and thus the stock is taking off. This news is important as Zimmerman is highly respected and specializes in turnarounds, bankruptcies, and other special situations. To read more about this click here

One big loser outside the Dow is Coach (TPR -0.26%), as shares have fallen by 7% this afternoon. The move comes after the fashion retailer reported earnings before the opening bell today and missed on both revenue and earnings. Coach reported revenue of $1.42 billion and earnings per share of $1.06. Analysts were looking for $1.48 billion in revenue and $1.11 in earnings. Furthermore, the company's revenue slid lower from $1.5 billion during the same quarter a year ago. Same-store sales in the North America dropped 13.6%, much worse than the 6.8% fall most experts on Wall Street were predicting. Things seem to continue to worsen for the company, and its investors should be taking a hard look at their position.  

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