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 Shutterfly (NASDAQ:SFLY) climbed as much as 16% today on reports that the company is searching for a buyer.  

So what: Shutterfly, which makes photo albums and other photo-based products, is working with boutique investment bank Qatalyst Partners on a sale, according to Bloomberg. The report said talks were in early stages and may not necessarily lead to a sale. The company was considering private-equity firms, e-commerce businesses, and Web storage companies among the potential buyers.

Now what: Talk of a sale almost always lifts a stock. so it's no surprise to see Shutterfly shares jumping on the news, though a 16% bounce seems generous. The company has struggled lately, posting losses on the bottom line despite revenue growing 17% in its most recent quarter. Considering the recent losses, shares may be overvalued after today's spike as the stock sports a forward P/E of 154. Also, given the specific nature of the company's business, it may be difficult to fold into a larger enterprise. Stay tuned to see if there are any interested buyers. You can keep up to date on Shutterfly by adding the stock to your Watchlist here