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 movie theater giant IMAX (Nasdaq: IMAX) jumped as much as 20% this morning on rumors of a possible buyout.

So what: A day after making IMAX my pick of 2011, there are rumors that Sony (NYSE: SNE) or Disney (NYSE: DIS) could buy the company for more than $40 per share. There is no confirmation that either company is interested or that IMAX would be interested in selling, but rumors like this have a tendency to have some facts behind them.

Now what: A buyout from either company would give IMAX the capital to expand more quickly and a captive studio to work with, but it would come with some interesting conflicts. Both companies have large movie studios, and rival studios probably wouldn't be as excited about working with the competition as they are about working with an independent company. As much as I like IMAX, I would be a little leery about buying on this rumor today. If the rumor doesn't end with a buyout, the stock could give up the massive gains we've seen today. Even though I'm not buying today, I'm definitely not selling!

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

Fool contributor Travis Hoium owns shares of IMAX. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

Walt Disney is a Motley Fool Inside Value and a Motley Fool Stock Advisor pick. IMAX is a Motley Fool Rule Breakers recommendation. Try any of our Foolish newsletter services free for 30 days. 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 has a disclosure policy.