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.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.