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 semiconductor testing solutions specialist Verigy (Nasdaq: VRGY) experienced heavy volatility in early Friday trading on fairly light volume.

So what: After a slow opening, the shares quickly surged to a high of $15.09 within the first hour of trading, representing a nice gain of about 10%. Unfortunately, the pop was short-lived as the shares have quickly reversed course and are now basically unchanged for the day.

Now what: I wouldn't read too much into today's price swing. While Verigy remains party to the merger agreement with LTX-Credence (Nasdaq: LTXC), its Board of Directors is in the process of reviewing Advantest's (NYSE: ATE) higher takeover proposal of $15 per share. Verigy is still "going somewhere," as Foolish tech expert Anders Bylund wrote two months ago, but investors will have to wait a little while longer to know with whom and for how much.

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Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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