Google had already given a hint about Panda algorithms being pushed out every month over a period of ten days. Matt Cutts also said that there is already a delay in pushing out the monthly Panda refresh because Google wanted to release updates that will soften the algorithm a bit.
And now, Google has confirmed a Panda release saying:
"In the last few days we’ve been pushing out a new Panda update that incorporates new signals so it can be more finely targeted."
Matt Cutts in SMX Advanced had said that the update will take place slowly in more than 10 days instead of showing an action in a short period. This will make Panda less hard hitting and webmasters will see more gradual reductions in their websites' rankings.Google Confirms the Roll-out of a More Finely Targeted Panda Update!,