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: Disk drive veteran Seagate Technology (NYSE: STX) is climbing a steep ladder today, gaining more than 20% on official confirmation of a summer's worth of buyout rumors.

So What: We don't know exactly who's bidding for Seagate, though the usual suspects include private equity investors, Oracle (Nasdaq: ORCL), and Hewlett-Packard (NYSE: HPQ). While "confirmed talks" are a far cry from a final offer, Seagate richly deserves some acquisitive attention, and a more definitive announcement really shouldn't be far off.

Now What: Storage stocks are generally being treated as if they're selling ice to Eskimos or space heaters in Miami, including rock-bottom valuations on market leaders Seagate and Western Digital (NYSE: WDC). This could be the final straw to snap that obstinate trend and unlock this industry's value to shareholders. Given the lack of final news, you could still buy Seagate in the hope of a true-blue buyout -- or stay away if you think management is blowing smoke in our faces.

Interested in more info on Seagate? Add it to your watchlist by clicking here.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Fool owns shares of Oracle. Try any of our Foolish newsletter services free for 30 days. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Motley Fool is investors writing for investors.