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 storage management specialist Compellent Technologies (NYSE: CML) are trading more than 14% below last night's closing today, including a brief plunge by 31.6% in pre-market action according to Nasdaq records.

So what: Compellent and Dell (Nasdaq: DELL) have confirmed that the companies are in buyout talks. That typically leads to a spike rather than a drop, but the proposed buyout price of $27.50 per Compellent share is actually lower than market prices today.

Now what: Disappointed shareholders could nix a deal at the suggested price, or Dell could walk away from the overheated stock on its own. On the other hand, proven storage buyers EMC (NYSE: EMC) and Hewlett-Packard (NYSE: HPQ) could join the fray with competitive bids, or Dell could sweeten the deal a bit in order to secure a deal in the storage space at long last. Whatever the outcome, it's a pretty safe bet that Compellent's shares will move from here -- anyone up for a straddle play on the stock today?

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