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 chemical maker Ferro (FOE) were bubbling higher today, gaining as much as 34% after a receiving a buyout offer from plastic-manufacturer A. Schulman (SHLM).

So what: A. Schulman, whose shares were essentially flat on the day, offered $563 million in cash and stock for Ferro, which would help the buyer expand into chemicals used in electronics and coatings. Ferro directors, however, rejected the offer, which was 25% above its Friday closing price, indicating that management may be trying to drive the purchase price higher. Ferro's market value jumped to $588 million today. Schulman CEO Joseph Gingo is reportedly interested in acquiring Ferro while the company seems unstable with an interim CEO and shareholder attempts to replace the board of the directors.

Now what: While today's jump brings Ferro to a new 52-week high, the stock still trades for less than half its value two years ago. For investors looking to get out, now seems like a good time as we could easily see Ferro shares drop if Schulman, which is valued at less than $1 billion, withdraws interest. Either way, I'd expect to see some volatility ahead as investors await the next step in a potential deal. Stay on track of these developments by adding these companies to your Watchlist.