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 beleaguered real estate developer St. Joe Company (NYSE: JOE) jumped as much as 13% in intraday trading on heavy volume.

So what: St. Joe's stock is flying today thanks to some unsubstantiated buyout rumors. And when I say "unsubstantiated," I mean that with a capital "U" and a double underscore. I found one source that said there has been some unconfirmed chatter that noted value investor Bruce Berkowitz -- who already owns a substantial position in St. Joe along with other embattled financials including AIG (NYSE: AIG) and Citigroup (NYSE: C) -- wants to take the company private. Otherwise there's not much out there to back up the acquisition talk.

Now what: Normally, I'm not keen on chasing stocks based on buyout rumors. When the rumors are this flimsy though, I'm even less inclined to get interested. Taking a step back from today's rumors, St. Joe is still a very tricky battleground, pitting the savvy Berkowitz against the sharp and tenacious David Einhorn. The market has thus far paid heed to Einhorn's warnings and the stock has taken a drubbing, but the final chapter is far from written here.

Want to keep up to date on St. Joe? Add it to your watchlist.