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 financial services veteran H&R Block (NYSE: HRB) are plunging today like a scandalous neckline, dipping more than 10% from last night's closing in intraday trading.

So What: The company just announced that it's buying smaller tax-preparation expert 2SS Holdings for $287 million in cash. Though the TacACT parent is expected to add $0.05 per share to H&R's bottom line right away, investors seem less than impressed by the move.

Now What: Fellow tax experts Jackson Hewitt Tax Services (NYSE: JTX) and Intuit (Nasdaq: INTU) are also trading significantly below the overall market trend today, indicating something of a sector effect from this ill-received deal. TaxACT's management will run both TaxACT and the H&R Block At Home personal tax filing services, and that change of control in an important division may have spooked investors. The mere fact that H&R feels obliged to throw this virtual Hail Mary to keep up with the competition could be another lead weight attached to this announcement.  

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Fool contributor Anders Bylund holds no position in any of the companies discussed here. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Motley Fool is investors writing for investors.