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 emergency medical services provider -- and aptly named company -- Emergency Medical Services (NYSE: EMS) were experiencing trauma today as shares fell 11% on heavy trading volume.

So what: Perhaps someone needs to remind EMS that it's normal for a stock to go up on buyout news. Actually, the stock has been going up ever since the company announced in mid-December that it was looking at "strategic alternatives," which is generally code for selling the company. The deal announced would have buyout firm Clayton, Dubilier & Rice paying $64 per share in cash, well below Friday's closing price but above where the stock is trading as of this writing.

Now what: This could get a little ugly since many shareholders will be pretty unhappy with the outcome of the sale process. Not only was the deal value below market price, but the valuation awarded is short of what many had expected. EMS's news feed is littered by announcements of investigations by law firms, but there may not be much to be done here. The sale was through an auction process that had Clayton, Dubilier & Rice topping Bain Capital to grab the deal. Canadian buyout firm Onex, which owns 31% of EMS, also agreed to the deal.

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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.