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 vodka producer and distributor Central European Distribution (Nasdaq: CEDC) are down 10% today after a great week last week.

So what: Shares surged early last week on word that private investor Mark Kaufman, the former CEO of spirits company Whitehall Group, had taken a major stake in the company. But investor excitement about a buyout has fallen off, and the turmoil in European markets didn't help today.

Now what: The bottom line is that momentum from last week's run-up is gone. Without a buyout offer, shares were only up on speculation, and fear is back in the market today. Shares were hovering around $5.50 before the bounce, so there's definitely downside risk for shares from here. I am not buying into the buyout speculation, and with earnings expectations continuing to fall, I just can't get excited about the company's valuation, either.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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