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 Saks (UNKNOWN:UNKNOWN) jumped twice today, first gaining 11% during the trading session on strong sales in its earnings report, and then surging another 19% after-hours on reports that it retained Goldman Sachs to look into a possible sale. Its share price climbed 33% over the two sessions

So what: The upscale retailer first reported an adjusted earnings per share of $0.19, in line with estimates, but same-store sales came in well ahead of expectations, growing 5.9% versus the projected 2.6%. Overall revenue was up 5.2% to $793.2 million, topping expectations of $778.1 million.

After hours, the New York Post said that the high-end clothing chain may be sold to a private equity firm in a leveraged buyout, though the company refused to comment. Interested parties include KKR and Leonard Green & Partners.

Now what: Ironically, today's jump could help spoil the buyout, as shares may be too highly priced for a potential buyer, now worth a third more than they were just a day ago. Saks Fifth Avenue is a strong brand, but shares look pricey at a P/E near 40 with little anticipated growth. Similarly, the company said it expects same-store sales of 4%-6% for the rest of the year, down from its current clip. Considering the above that shares are at a five-year high, I'd say now is a great time to sell.

Keep an eye on this developing story. Add Saks to your Watchlist by clicking right here.