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 Seagate Technology (Nasdaq: STX) dropped over 12% in intraday trading after reports that a key investor may drop out of a plan to take the company private.

So What: Unnamed sources reported that KKR & Co. is considering pulling out of the talks, which reportedly include TPG Capital and Bain Capital LLC. Although KKR's withdrawal wouldn't necessarily scuttle the deal itself, an analyst downgrade also reported today put further downward pressure on the stock.

Now What: A number of analysts are bearish on the world's largest disk drive maker, and Stifel Nicholas analyst Aaron Rakers today reduced his rating to a hold from a buy on the grounds of ongoing risks associated with the negotiations. Given the uncertainties here, I'd take a pass.

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