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 flash-based storage specialist SMART Modular Technologies (Nasdaq: SMOD) were performing at peak capacity today, jumping as much as 14.3% on about 30 times its average trading volume. Yeah, you read that right.

So what: The private-equity titans of Silver Lake Partners is taking SMART off the market in a $645 million deal. That leaves about 10% of wiggle room between today's prices and Silver Lake's bid.

Now what: You know, I was expecting a bid for SMART Modular -- but it should have come from hard drive maker Western Digital (NYSE: WDC) rather than an opportunistic private-equity firm. Then again, SMART says it will entertain competing offers through June 9, so perhaps a bidding war is a-brewing here. Western Digital could use SMART's technology to future-proof its traditionalist product portfolio, much like how  Seagate (Nasdaq: STX) is doing in a cross-licensing deal with Samsung.

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