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 specialty pharmaceutical company Warner Chilcott (Nasdaq: WCRX) spiked as much as 24% following an announcement that the company may be looking to put itself up for sale.

So what: In a press release this morning, Warner Chilcott's management board confirmed that it is in early talks with interested parties but that a deal may not materialize. This is all part of Warner Chilcott's plan to maximize shareholder value, which may include the strategic alternative of selling the company.

Now what: Today's news is great for current shareholders, but it still presents a big question mark with regards to what could happen over the next few weeks. Warner Chilcott isn't going to comment further on buyout developments unless something tangible materializes, so all we have to go on in the meantime is rumors -- and frankly, that's never a reason to buy into a stock. I will, however, add Warner Chilcott to My Watchlist while this drama plays out.

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