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: Bucyrus International (Nasdaq: BUCY) shares are up 28% today on news that the company would be acquired by Caterpillar (NYSE: CAT).

So what: The deal is worth about $7.6 billion, paying each Bucyrus shareholder $92 per share when completed. The move cements Caterpillar as the dominant leader in construction and mining equipment.

Now what: Shares in Bucyrus are trading at $89.71 as I am writing, so there is a little upside if investors want to hold on for an extra $2 and change. But many investors are focusing their attention on Caterpillar, who said it would pay for the acquisition through debt and a possible share offering. Caterpillar is up today, which makes me inclined to wait for a pullback until after the news dies down before jumping from the Bucyrus ship straight over to Caterpillar.

Interested in more info on Caterpillar? Add it to your watchlist here by clicking here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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