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: In a burst of massive trading today, networked storage specialist Compellent Technologies (NYSE: CML) saw its shares pop as high as 28% above last night's closing price.

So What: The reasons behind this stunning move are many and compelling: Compellent just reported superior results in the third quarter, the company is thinking about finding a buyer, and those catalysts may have triggered a serious short squeeze. The stock price has now just about doubled in three months.

Now What: This is more than just buyout chatter as Compellent reportedly is down to choosing its financial advisors for a sale. This is exactly the kind of next-generation storage business that becomes the prize in bidding wars these days, and both NetApp (Nasdaq: NTAP) and Dell (Nasdaq: DELL) have been snubbed by planned storage partners in recent history. It shouldn't take long for Compellent to find a deep-pocketed buyer.

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