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 specialty metals maker Ladish (Nasdaq: LDSH) surged an amazing 56% today after it agreed to be acquired by larger rival Allegheny Technologies (NYSE: ATI) for $778 million.     

So what: Ladish's expertise lies in the production of jet engine components, so it's no surprise that Allegheny is making the move to expand its aerospace offerings. Ladish shareholders will receive $24 in cash and 0.4556 of an Allegheny share for each common share held, with the total value of the offer ($46.75 a share) representing a 59% premium to Ladish's Tuesday closing price.

Now what: For Ladish shareholders, there's nothing left to do but pat themselves on the back and take their profits. After today's spike, it wouldn't exactly be prudent to hold out for a few more percentage points of upside. After all, several of Ladish's close rivals, like Barnes Group (NYSE: B), Titanium Metals (NYSE: TIE), and Goodrich (NYSE: GR), are all highly rated by our CAPS community, and could offer a nice place to roll over your aerospace bet.

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