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: Camelot Information Systems (NYSE: CIS) popped 11% in intraday trading today on takeover speculation.

So what: Broker/dealer Susquehanna says CitiVentures may be considering a takeover of Camelot. Susquehanna said CitiVentures' deal to acquire Ness Technologies (Nasdaq: NSTC), announced two days ago, could indicate more acquisitions are in store. CitiVentures executive Ajit Bhushan, who focuses on information technology investments, joined Camelot's board last year, another reason Susquehanna thinks a takeover could be forthcoming.

Now what: Ness Technologies' stock popped 14% on the deal announcement and is up 21% since rumors of the deal broke last week. Camelot's P/E ratio of 33 is already close to Ness' P/E ratio of 35, though. That begs the question of how much more an acquirer might be willing to pay and suggests there may be limited room for upside.

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