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 Gogo Inc (NASDAQ:GOGO) rose more than 10% early Thursday, then settled to close up around 1% after the in-flight connectivity specialist announced a technical services agreement with Boeing.

So what: The news follows a nearly 7% pop yesterday, which occurred after Gogo announced a partnership with Air Canada to bring Wi-Fi to its North American fleet in May. The Air Canada deal also included future type-testing beginning in 2015 of Gogo's satellite solutions for Wi-Fi on international flights.

However, today's Boeing agreement is different in that Boeing hasn't officially approved a wide-scale partnership just yet. Rather, it's a solid first step as Boeing evaluates Gogo's suite of technology solutions for new aircraft orders. Gogo, for its part, says it's targeting having line-fit evaluations completed for its new "ATG-4" technology by 2015, and satellite solutions by 2016.

Now what: That said, Gogo does already have an agreement in place for line-fit provisions for ATG-4 on Boeing's 737NG aircraft, and it seems likely its tech will eventually make its way into the rest of Boeing's fleet. With shares still down around 20% during the last month, I wouldn't be surprised if the stock has some upside left for patient long-term investors.