Google Panda 3.2
Google said this happened about a week or so, so I would place this Google Panda 3.2 update as happening on January 18, 2012.
Why 3.2 and not 2.x? Well, I spoke with a Googler back in late November, they expressed that one of the 2.x updates we labeled as a “minor” update, should have likely been named as a major update and thus labelled a 3.0 update. I personally believe that was an October Panda update, that we did not cover here, but I do not have confirmation on that. In fact, Google does not number their updates, so it is hard to nail down.
bogart (7 February, 2012)
Though there is talk that Panda updates are now processed in real time.This was announced this month: 17 search quality highlights: January - Inside Search It is interesting to note that the announcement says: "We improved how Panda interacts with our indexing and ranking systems, making it more integrated into our pipelines." It appears that Panda is now a part of the main ranking algorithm instead of a separate process.
High-quality sites algorithm improvements. [launch codenames “PPtl” and “Stitch”, project codename “Panda”] In 2011, we launched the Panda algorithm change, targeted at finding more high-quality sites. We improved how Panda interacts with our indexing and ranking systems, making it more integrated into our pipelines. We also released a minor update to refresh the data for Panda.