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 Quantum (NYSE: QTM) rose more than 11% in intraday trading, following a tech rally kicked off by F5 Networks' (Nasdaq: FFIV) upbeat earnings and guidance.

So what: In this case, it appears Quantum is enjoying a sympathy rally ahead of tonight's earnings report, similar to what Compellent Technologies (NYSE: CML) enjoyed yesterday. Buyout speculation, rampant in the data storage industry as of late, could have also contributed.

Now what: Looking ahead, Quantum is expected to earn $0.05 a share on $170.8 million in revenue for its fiscal second quarter. Quantum earned $0.10 a share in last year's Q2 and has a mixed history when it comes to meeting and beating the Street's projections, according to data. Don't be too surprised if it gives back today's gains tomorrow.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader. The Motley Fool is also on Twitter as @TheMotleyFool. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Its disclosure policy is at least 10% better than other disclosure policies.