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 data storage specialist Isilon Systems (Nasdaq: ISLN) jumped more than 10% in early trading thanks to a fantastic third-quarter report.

So what: This stock has more than quadrupled over the past year in a flurry of strong business results and takeover speculation. Earnings only kept pace with analyst expectations this time, but Isilon outperformed the average revenue target by more than 16%.

Now what: Storage giant EMC (NYSE: EMC) is said to be in talks to acquire Isilon in order to expand its portfolio of massively scalable storage systems. The company's $1.9 billion market cap after the yearlong run-up makes for a very expensive buyout relative to sales and earnings, but crazier things have happened and could happen again. If nothing else, Isilon is running a tight ship on its own and deserves at least some of this market love.

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