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 specialty retailer Charming Shoppes (Nasdaq: CHRS) added another 10% in intraday trading, which continued their charge upward despite any clear driver.

So what: Yesterday, I postulated that the jump in Charming Shoppes' shares was due to buyout hopes as talk of a deal swirled around companies such as OfficeMax (NYSE: OMX) and Avon Products (NYSE: AVP). Even though buyout speculation has continued today -- with pundits talking about the possibility of a takeout for retailers such as Aeropostale (NYSE: ARO) and Children's Place (Nasdaq: PLCE) -- the shares of those companies haven't seen anywhere near the action that Charming Shoppes' stock has.

Now what: Undoubtedly, the gains over the past few days -- which have put the stock up around 25% since last Friday -- are putting smiles on the faces of current owners. But without any news driving the gains, investors may want to temper their excitement. In fact, investors on the sidelines may want to wait until this hot potato cools back down before trying to handle it.

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