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 specialty metals maker Ladish (Nasdaq: LDSH) surged an amazing 56% today after it agreed to be acquired by larger rival Allegheny Technologies (NYSE: ATI) for $778 million.     

So what: Ladish's expertise lies in the production of jet engine components, so it's no surprise that Allegheny is making the move to expand its aerospace offerings. Ladish shareholders will receive $24 in cash and 0.4556 of an Allegheny share for each common share held, with the total value of the offer ($46.75 a share) representing a 59% premium to Ladish's Tuesday closing price.

Now what: For Ladish shareholders, there's nothing left to do but pat themselves on the back and take their profits. After today's spike, it wouldn't exactly be prudent to hold out for a few more percentage points of upside. After all, several of Ladish's close rivals, like Barnes Group (NYSE: B), Titanium Metals (NYSE: TIE), and Goodrich (NYSE: GR), are all highly rated by our CAPS community, and could offer a nice place to roll over your aerospace bet.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Titanium Metals is a Motley Fool Stock Advisor pick. Try any of our Foolish newsletter services free for 30 days.

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