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 auto-parts supplier Federal-Mogul (Nasdaq: FDML) jumped 10% today after word came out the company is looking for "strategic alternatives."

So what: Investment bank Lazard has been hired to advise in the process, but what "strategic alternatives" really means is they're looking for a buyer for the company. Carl Icahn is said to have a 76% stake in the company and is shopping the company to private equity firms. With the auto industry recovering, Icahn may be looking for an opportune time to cash in his investment.

Now what: Icahn isn't known to be a long-term owner, so it was probably just a matter of time before he began looking for a buyer. When word came out at 11:23 a.m. ET, the stock promptly jumped and volume went through the roof. I don't like to speculate on buyouts, but with Icahn in control of the company, it's probably a good bet he'll find someone to sell to. If you believe a deal will go through, it may just be a question of what price the company will go for.

Interested in more info on Federal-Mogul? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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