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 Limelight Networks (NASDAQ:LLNW) jumped over 10% early Monday, extending last week's rally following news of insider stock buying and a favorable Supreme Court ruling in an outstanding patent infringement case. 

So what: Largely thanks to a U.S. Supreme Court ruling announced on June 2 -- which holds that Limelight is not liable for inducing patent infringement in a case dating to 2006 -- Limelight shares have risen more than 35% over the past five trading days. Compounding the court-related jump was an insider purchase by Limelight Senior Vice President Sajid Malhotra. Specifically, a June 5 SEC filing revealed that Malhotra had purchased 100,000 shares of Limelight Networks over the previous two days at an average price of about $2.45 per share.

Now what: The patent infringement case is definitely good news for Limelight, so I can't blame the market for bidding shares up over the past week. Still, Limelight is neither profitable on a trailing 12-month basis nor expected by Wall Street to enter the black by the end of the next fiscal year. For now, given the impending loss of its largest customer, and until we see more evidence of long-term sustainability, I personally prefer watching Limelight Networks from the sidelines.

Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.