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 Quiksilver (NYSE: ZQK) jumped 16% today, on rumors that the company may be an acquisition target.

So what: Those rumors started because French holding company PPR, which owns luxury and retail companies, announced the sale of Conforama in a $1.6 billion deal. That means it'll be looking for new purchases. PPR owns 71% of Puma, and JPMorgan analysts think Quiksilver could be its next target.

Now what: Given PPR’s position in Puma, Quiksilver could be a nice complementary addition to the portfolio, so the rumor makes some sense. For now, it sounds like speculation; unless that speculation becomes an actual bid, there's a risk that the stock will fall back to prerumor prices. I’m going to sit out the move today, at the risk of missing out on a bump if a bid comes through.

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