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 engine operator Local.com (Nasdaq: LOCM) is streaking through Wall Street, following a 26% jump on Thursday with an additional 13% price increase in early trading today.

So what: By now I'm sure you've heard the story: Google is reportedly close to buying local advertising firm Groupon for as much as $5 billion. There's blood in the local waters, and nearly every provider of localized online services now looks like a big, fat takeover target to many investors.

Now what: If some rich company with local ambitions were to buy Local.com, that's sweet for its shareholders. Just keep in mind that all this frenzied talk may come to nothing, and that the search and advertising markets might not be on the verge of massive consolidation after all. In Local.com's case, this week's hot action isn't setting any record and hasn't even closed the gap to the $8 prices seen before a deeply disappointing second-quarter report issued in July.

Interested in more info on Local.com? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. Google is a Motley Fool Inside Value pick. Google is 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.