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 salon operator Regis Corp. (NYSE: RGS) got an ugly haircut today dropping as much as 14% after investors reacted to a hair-raising article in the New York Post.

So what: Back in August, the company -- whose brands include Supercuts, Sassoon, Regis, and MasterCuts -- put itself up for sale. The possibility of a hefty buyout price got investors excited and, prior to today, shares had added more than 30%. But according to the Post today, the final bids for the business were lower than expected. An unnamed source in the article said that interested buyers were looking for a price "in the high teens."

Now what: Regis' stock woes today demonstrate once again why speculating on buyouts is tricky business. For investors sniffing around the stock now, the best approach may be to wait and see. If the Post's article is correct, then Regis may find a buyer closer to this new, lower price and there won't be a huge premium for investors to pocket. On the other hand, if the buyout process falls apart altogether, the stock will likely lose even more ground, opening up the possibility for investors to jump on undervalued shares.

Want to keep up to date on Regis Corp.? Add it to your watchlist by clicking here.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.  

Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.