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 industrial machinery company Gardner Denver (NYSE:GDI) tanked as much as 15% shortly after midday following news that buyout talks between it and SPX (NYSE:SPXC) were now off the table.

So what: As recently as Wednesday, speculation had been swirling that SPX had been planning to make a bid as high as $4.2 billion for Gardner Denver. Today's announcement ended all speculation of a buyout by SPX and paves the way for up to four private-equity firms originally interested in Gardner Denver to begin making bids for the company again.

Now what: Gardner Denver had originally passed on all-cash bids in the mid-to-high $70 range, so it may find the sledding tough now that it's crawling back to these same private-equity firms. I have to feel that today's sell-off may be a little extreme; then again, upside could be limited. I'd just as soon not speculate on which firm could eventually win the bidding for this company and would prefer to stay on the sidelines.

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