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 Hawaiian power provider Hawaiian Electric (NYSE: HE) spiked more than 10% on heavy volume before retreating to a much more modest gain.

So what: It's tough to say exactly what drove the quick pop in Hawaiian Electric shares today. Pacific Business News published an article late yesterday detailing the efforts of Kuokoa, a company started with the specific aim of taking Hawaiian Electric private. However, the upswing in the stock happened abruptly around noon Eastern Time and faded almost as quickly. Had the trading action been a response to the takeover rumors, we would have likely seen the stock open higher and hang on to the gains.

Now what: The upward blip in Hawaiian Electric's shares today may be somewhat of a head- scratcher, but the emerging plans of Kuokoa do create a good reason to keep an eye on Hawaiian Electric. I'm almost always against speculating on a rumored acquisition, but for investors that like the utility's stable position and 5.2% dividend, the potential for a quick gain from a takeover could be a nice bonus.

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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 prefers dividends over a sharp stick in the eye.