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 aerospace and defense parts supplier Esterline Technologies (NYSE: ESL) rose as much as 12% today on speculation that it could be a takeover target.

So what: According to the Daily Mail, a London newspaper, Esterline could be attracting the attention of BAE Systems (OTC: BAESY), Boeing (NYSE: BA), or Lockheed Martin (NYSE: LMT) as a potential buyout candidate. No specific sources were cited by the newspaper.

Now what: Right now, the thing to remember is that this is all speculation at this point. Boeing would make a solid choice with it and Esterline's large presence in my home city of Seattle. Lockheed is looking for other avenues of growth with the U.S. government cutting billions out of its budget, and Esterline may be a good fit there as well. As for BAE Systems, I'm not as certain it would make the optimal purchaser and, according to yesterday's report from The Guardian, BAE may be entertaining an offer of its own. Again, more unconfirmed rumors leading the trade.

As of now I'm happy taking a wait-and-see approach here; why chase Esterline higher?

Craving more input? Start by adding Esterline Technologies to your free and personalized watchlist so you can keep up on the latest news with the company.

Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

The Motley Fool owns shares of Lockheed Martin. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.