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: Omnicare (UNKNOWN:OCR.DL) shares surged higher today on reports that the company may be for sale. Shares increased by more than 10% at their high, before pulling back to close up 4.26%.

So What: According to Bloomberg, Omnicare is investigating a potential sale. Reports forced shares to be halted; however, the company has declined to comment.

Omnicare acts as a drug distributor that serves patients in long-term care facilities, a growing market that is expected to benefit from rising demand tied to aging Baby Boomers.

Now What: Since Omnicare is a market share leader in this business, the company could be attractive to other drug distributors interested in expanding into the nursing home or long-term care market.

Through 2050, the population of Americans over age 65 is expected to grow by a compounded 1.5% annually, which is far faster than the 0.4% annual growth expected for those under age 65.

Although a suitor could be interested in acquiring the company, investors would probably be better served focusing more on the potential for the company's top and bottom line than whether or not an acquirer will materialize.

On that basis, Omnicare is an intriguing investment idea.

In 2014, Omnicare's revenue grew by 6.7% to $6.42 billion and its EPS expanded by 8.5% to $3.72. Given that investors are still paying less than 20 times next year's earnings per share, there could still be an opportunity for upside, and that makes this company worth watching.