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 stock exchange company NYSE Euronext (NYSE: NYX) fell 11% today after the company lost two potential bidders for its shares.

So what: Nasdaq OMX (Nasdaq: NDAQ) and IntercontinentalExchange (NYSE: ICE) announced they were withdrawing a bid for the company after discussions with antitrust regulators. That leaves Deutsche Boerse as the company that will likely acquire NYSE Euronext after a long fight with other exchanges for the company.

Now what: Now the deal with Deutsche Boerse goes to a shareholder vote on July 7. Management preferred this deal all along, touting the growth opportunities for the German and U.S. exchanges. I don't see a reason to buy shares today given the loss of a higher bid, but this might be better for shareholders in the long run.

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