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 oil-field service and equipment provider RPC (NYSE: RES) jumped as much as 11% in early trading today only to see shares trade flat by midday.

So what: There were rumors swirling that Patterson-UTI (Nasdaq: PTEN) was going to buy RPC, but the market dismissed them as the trading day went on. Analyst Neal Dingmann at Suntrust Robinson Humphrey was quoted as saying he'd heard rumors that Patterson, Superior Energy (NYSE: SPN), and others would buy RPC.

Now what: This rumor has already been put to rest for today, but this may be a good time to reevaluate RPC's shares. The company's unconventional oil drilling business is its current driver and may be attractive to potential buyers or long-term investors right now. Unconventional oil plays are hot in the U.S., and RPC's shares are trading at just 7 times forward earnings, a great price in this market.

I have enough confidence to give the company a green thumb on My CAPS board in a bet the company will outperform the market.

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