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 MI Developments (NYSE: MIM) soared a whopping 45% on Wednesday amid reports that Canadian billionaire Frank Stronach is exchanging control of the real estate operating company for its gambling related assets.

So what: Shareholders have long been frustrated over Stronach's control of the company and particularly, his investments in racetracks through subsidiary Magna Entertainment (which went bankrupt last year). So naturally, Mr. Market is applauding today's deal, which restricts MI from "engaging in or having an interest in, directly or indirectly, any business relating to horse racing or gaming," in a very big way.

Now what: After today's staggering surge, taking at least some gains off the table seems like the prudent thing to do. Shareholders are definitely right to breathe a sigh of relief now that Stronach is no longer in control, but with the stock up about 160% over the past three months alone, Mr. Market might be getting ahead of himself. Either way, MI is certainly a special situation worth following.

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Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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