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 Florida bank BankAtlantic Bancorp (NYSE: BBX) picked up as much as 33% in intraday trading as buyout rumors swirled.

So what: Is Pittsburgh's PNC Financial (NYSE: PNC) on the hunt? If rumors are correct, then it most certainly is and it's targeting the Sunshine State. PNC Financial, which emerged from the financial crisis in pretty good condition, reportedly would like to expand into the South, and Regions Financial (NYSE: RF) and BankAtlantic are supposedly in its sights.

Now what: Gambling on acquisition rumors is among my least favorite things. Furthermore, in this case it sounds like Regions Financial may be PNC Financial's primary target, with BankAtlantic a possible alternative. Frankly, unless PNC Financial could get a really good price for BankAtlantic, PNC Financial shareholders would probably be better off if it grabbed Regions Financial. Investors would be well-advised to stay tuned to this story, though, because regardless of which direction PNC Financial ends up going, my crystal ball shows significant volatility ahead for BankAtlantic shares.

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