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 Alexander & Baldwin (Nasdaq: ALEX) closed up more than 16% after the company announced plans to split itself into two publicly traded entities last night.

So what: Due to be executed in the second half of next year, the separation calls for the Alexander & Baldwin name to retain real estate and agricultural interests while a second unit, Matson, takes marine shipping and logistics.

Now what: Investors who hold for the split will receive one share each of A&B and Matson. Will that lead to profit? History says spin-offs tend to be value creators, and A&B's two segments already produce nearly equivalent operating profit. Enthusiasm appears to be warranted. Do you agree? Would you buy shares of Alexander & Baldwin at current prices? Please weigh in using the comments box below.

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