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 local search operator Dex One (Nasdaq: DEXO) climbed more than 15% in today's early trading.

So what: Stop me if you've heard this one before: Google may or may not buy local advertiser Groupon for $5 billion or more, putting a premium and a buyout target on the backs of every local information provider on the market.

Now what: Dex One only recently reorganized its operations, striving for a profitable business model. Its share price is still down 47% over the past six months and 82% over the past year. Even if the company miraculously finds an interested buyer, that deal would be thin salve on the wounds of existing shareholders, and you'd need a serious appetite for risky business to jump aboard this stock today. You have been warned.

Interested in more info on Dex One? Add it to your watchlist.

Fool contributor Anders Bylund doesn't hold a position in any of the companies discussed here. Google is a Motley Fool Inside Value pick and a Motley Fool Rule Breakers choice. The Fool owns shares of Google. 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. The Motley Fool is investors writing for investors.