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 Quiksilver, (NASDAQOTH:ZQKSQ) were riding higher today, gaining as much as 15% and finishing up 10% on insider buying, and a note about it being a possible takeover target.

So what: Shares of the surf-inspired clothing maker tumbled 40% earlier this week on a dismal earnings report, but now it appears investors think the stock was oversold. CEO Andrew Mooney took advantage of the stock's rock-bottom price by purchasing 100,000 shares at $3.40, while CFO Richard Shields also bought 100,000 shares of the stock. Furthermore, in a research note, UBS said there are still reasons for V.F. Corp, the parent of companies like Timberland, to acquire the beaten-down company.

Now what: Insider buying is always encouraging, but investors shouldn't ignore the recent earnings report. Sales fell 9% to $408 million, while its adjusted net loss expanded from $0.12 to $0.15, worse than estimates of a $0.02-loss. Management also said it expected sales declines for the remainder of the year. Several downgrades followed the report as Quiksilver is getting squeezed by competitors. Wholesale revenue, the company's primary source of income, dropped 15%, a sign that retailers are favoring other brands. Still, Quiksilver's well-known brand family, which includes Roxy and DC, is an asset, and its cheap share price could make it a buyout target, but for now, an acquisition is only a hoped-for proposition.