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.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. 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.