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: Blackboard (Nasdaq: BBBB) popped 35% in intraday trading today after the company issued a press release that stoked takeover hopes.

So what: Blackboard announced it has received "unsolicited, non-binding proposals to acquire the company." It did not name the bidders and has retained Barclays Capital as its financial advisor.

Now what: Blackboard is evaluating the acquisition offers as well as other strategic alternatives and continuing with its current plans on a stand-alone basis.  With revenue of $447 million and sales expense running 41% of revenue, a strategic acquirer with a large distribution platform could potentially boost revenue and margins. EPS has declined from the year-ago quarter for two consecutive quarters and is forecast to do the same for the next two quarters, tarnishing the appeal of continuing to go it alone.

Interested in more info on Blackboard? Add it to your watchlist by clicking here.

Fool contributor Cindy Johnson does not own shares of any company named above. 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.