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 Illumina (Nasdaq: ILMN), whose technology is used for analyzing genomes, rose 10% in early trading on higher than average volume after an eventful week that included a partnership with the health-care diagnostics division of Siemens AG (NYSE: SI).

So what: Could the partnership turn into a takeover bid? No one's reporting that, but Siemens is making a bid to boost its health-care business. Earlier today, the company announced a deal to acquire MobileMD, which provides health information via the cloud.

Now what: Illumina is also participating in the creation the New York Genome Center for genetic research, and in the process expanding efforts to get its gene sequencing equipment in front of more researchers. Will these efforts pay off? Do you believe Illumina is a takeover target? Please weigh in using the comments box below.

Interested in more information about Illumina? Add it to your watchlist.