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.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.