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: Intrepid Potash (NYSE: IPI) shares fell 10% today following fertilizer stocks down.

So what: Today, Cargill announced it was going to spin off its stake in Mosaic Co. (NYSE: MOS), distributing shares to Cargill shareholders. This led to speculation that the market could be flooded with shares, pushing Mosaic's stock lower and in turn putting pressure on the entire industry.

Now what: Today's move looks to be more of a reaction to Mosaic's news than anything bad for Intrepid itself. It also doesn't fundamentally change the story in the fertilizer business, so the investment thesis for Intrepid is intact. I am buying today's move and think the market will lift these stocks again once the Mosaic distribution takes place.

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