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 Advisory Board (Nasdaq: ABCO) jumped 17% today as rumors swirled on the market today.

So what: The New York Post is reporting that The Blackstone Group (NYSE: BX) has agreed to buy competitor Emdeon (NYSE: EM), and rumors started about other possible buyouts. In more substantial news, Advisory Board reported earnings last night, and adjusted earnings were better than the $0.35 per share analysts expected, reaching $0.45 per share.

Now what: Hopefully earnings are driving shares higher more than rumors that really have nothing to do with Advisory Board, but sometimes the market does crazy things. Shares are still expensive at 27 times forward estimates, but those estimates should improve after this strong report. I'm not seeing enough value to jump on the move today, but if shares pull back in coming days, shares might be worth taking a second look at.

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