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 consumer goods company Spectrum Brands Holdings (NYSE:SPB) popped 11% today after the company agreed to acquire Stanley Black & Decker's (NYSE:SWK) hardware and home improvement business for $1.4 billion.

So what: The deal will broaden Spectrum's product portfolio by adding brands like Kwikset and Baldwin, and judging by the stock's jump, Wall Street seems pleased with the strategy, as well as the purchase price. In fact, the acquisition should significantly and immediately be accretive to Spectrum's EPS, EBITDA, and free cash flow, giving investors plenty of good vibes over the move.

Now what: The deal is expected to add $0.75 to $0.80 to Spectrum's pro forma EPS in 2013 and boost its revenue by about 25%. "This is a good acquisition for Spectrum Brands that will increase total revenues to more than $4 billion and add renowned brands with top market share positions in the growing and profitable hardware and home products business," said Spectrum CEO Dave Lumley. When you couple Spectrum's still-hefty debt load with its soaring stock price, however, I'd remain cautious about buying into that bull talk.

Brian D. Pacampara has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.