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 shoe retailer DSW (NYSE: DSW) were laced up and off to the races today, gaining as much as 18% in intraday trading on heavier-than-average volume.

So what: The big news for DSW today is that it announced that it's going to acquire its largest shareholder, Retail Ventures (NYSE: RVI). The acquisition's main benefit is eliminating a lot of the wonkiness that comes along with having a public company (Retail Ventures) whose only business is owning shares of another public company (DSW). More specifically, the deal will eliminate the public-company expenses that RVI pays, reduce DSW's total share count, allow DSW to take advantage of $350 million in net operating losses and other tax credits, and generally make corporate actions easier for DSW.

Now what: While parsing this curious deal may be the bigger news, it'd be a mistake to overlook some other positive notes from DSW. The company said that same-store sales for the fourth quarter soared 14.9% after increasing 12.9% last year. Management also raised its earnings guidance for its fiscal 2010 from a range of $2.30 to $2.40 to a range of $2.38 to $2.42.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.