Dropped 21% yesterday due to news and gained it back today
This is very common occurrence, means you get an opportunity to buy 20% cheaper 
Reminds me of Pfizer I believe, in the 90s?
Some drug had been alleged to be maybe linked to cardiac arrests.
There hadn’t been any report confirming this, but Pfizer tanked some 25 or 30% in just over a day (which is a lot of billion of dollars).
Oh and of course, they also weren’t the ones making it, distributing it or marketing it.
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I only accidentally discovered this one, so one could very easily flipped 20% profit 
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Absolutely.
There are market moving news on a fairly regular basis, especially when looking at individual companies rather than indexes.
If you are knowledgeable about certain companies, and some news story wrecks havoc, it is up for you and your knowledge of the company to answer the question “does this fundamentally impact the business and its valuation?”
Generally looking at a longer term, the vast majority of news are absolutely meaningless. It is very rare that something happens to fundamentally change a business for the next 10 or 20y.
All the short term noise may give you wonderful buying prices 
When the market makes no sense is normally the ideal time to buy (or short). Understanding when is the difficult part. You can’t simple use historic metrics as a normal baseline - what if the market has simply shifted? Really you need a live peer comparison analysis.
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