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 snack maker Lance (Nasdaq: LNCE) fell 10% today a day after the company completed an acquisition and paid a dividend.

So what: On Monday, Lance gobbled up privately held pretzel maker Snyder’s of Hanover in a merger that will give Snyder shareholders about 50% of the company. As part of the acquisition, the company is paying a $3.75 dividend to shareholders of record on Dec. 3, accounting for today’s drop.

Now what: Lance reported solid financial improvement before the merger, so synergies and added distribution muscle should only help in the future. If you’re hungry for a food stock, Lance may be a good place to look. But don’t look at today’s drop as a discount, given the dividend you’ll miss out on. Today’s move doesn’t really change the investment thesis; it just makes Lance a little bit bigger player in the snack game.

Interested in more info on Lance? Add it to your watchlist.

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 Motley Fool CAPS picks at TMFFlushDraw.

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