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 backup and tape storage specialist Quantum (NYSE: QTM) jumped as high as 14.7% in intraday trading today on moderate volume.

So what: The company didn't have any specific good news today, but Quantum shares have suffered more than any other storage investment during this brutal year and the downright uncivilized rout of the last month. This stock was due for a personal little relief rally on the slightest hint of good news -- such as Cisco Systems (Nasdaq: CSCO) talking up a return to normal enterprise IT spending.

Now what: That being said, it's easy to see why investors are nervous about Quantum shares. Skimming dangerously close to breaking even, the stock trades at 212 times trailing earnings while rivals EMC (NYSE: EMC) and NetApp (Nasdaq: NTAP) sit in the low 20s. But in terms of forward projections, Quantum's 10.6 multiple is closer to Hewlett-Packard (NYSE: HPQ) and its massive-volume business model. If there's any life at all left in worldwide IT budgets -- and I think we have to assume so -- all of these stocks look like tremendous values right now.

Interested in more info on Quantum? Add it to your watchlist.