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 genetic analysis company Illumina (Nasdaq: ILMN) briefly jumped as much as 15% today on takeover chatter.

So what: A report out of StreetInsider.com spurred the speculation that a larger company in the medical equipment field, like General Electric (NYSE: GE) or Siemens (NYSE: SI), might be interested in buying the company. But analysts quickly downplayed the rumor on uncertainty in the business and the likelihood that management would not want to sell if conditions are to improve quickly.

Now what: Part of what's driving the chatter is Illumina's beaten-down stock price, which is trading just above 52-week lows. But if the stock price is indicating a truly beaten-up business that is in trouble for the long term, why would someone want to pay a premium to buy the company? On the flip side, if there is indeed a tremendous opportunity for Illumina further out, I don't think the company would be interested in selling at this point. Either way, I'm not buying into the rumors today.

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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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