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 midstream energy company Targa Resources Partners LP (UNKNOWN:NGLS.DL) fell as much as 14% Friday after the company dismissed buyout rumors.

So what: Targa Resources' shares jumped Thursday on rumors that Energy Transfer Equity, L.P. was going to buy the company but Targa squashed those rumors today. In a release, the company said it had "preliminary discussions regarding a potential business combination" but those discussions have been terminated. 

Now what: The moves have been a bit jolting but shares are actually trading higher than they were at the close on Wednesday. Assuming the deal is indeed dead, I wouldn't be surprised to see shares fall back to that level, leaving about 5% more downside. There's really no reason to buy today but don't change your investment thesis either because the wild ride of the last two days doesn't really change the fundamental business Targa is in.