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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