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 The McClatchy Company (NYSE:MNI) were rocketing higher today, gaining as much as 28% after a consortium it belongs to put up for sale.

So what: McClatchy is one of five newspaper publishers belonging to the Classified Ventures consortium, which owns, and the group is putting the website on the selling block for as much as $3 billion. McClatchy owns a 25.6% stake in the venture, meaning it stands to take home more than $750 million if Classified can find a buyer willing to shell out $3 billion. Last week, Classified announced it would sell another major asset,, for $585 million. So the joint venture will essentially be dismantled if the sale goes through. 

Now what: McClatchy shares jumped 8% the day the deal was announced, and at a current market cap of $600 million, the cash infusion from a potential sale would have a huge benefit. The market for e-commerce websites has been heating up lately as rival was recently valued at $7.2 billion in equity sale, and McClatchy has at least part ownership in a number of other web properties including,, and If the sales goes through, don't be surprised to see those other websites go on the trading block, a move that should send McClatchy shares up even higher.   

One other stock flying under the radar
Shares of McClatchy have soared lately as investors have started to see it as an asset play, and there's another hidden stock our chief investment officer likes. In fact, he's selected it as his No. 1 stock for 2014, and it's one of those stocks that could make you rich. You can find out which stock it is in the special free report "The Motley Fool's Top Stock for 2014." Just click here to access the report and find out the name of this under-the-radar company.

Jeremy Bowman has no position in any stocks mentioned, and neither does The Motley Fool. 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.