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 Irish banking group Allied Irish Banks (NYSE: AIB) were getting boisterous today, rising as much as 19% in intraday trading.

So what: There was a flurry of news out of what's expected to be one of the last major Irish banks standing. As Allied Irish prepares to become one of the two main lenders in Ireland, it is selling off some of its "non-core" assets and changing up the bank's overall structure. Today's moves included the sale of a 49.9% stake in its Bulgarian-American Credit Bank and revamping its structure to include three customer-focused segments and a group tasked with managing the remaining non-core assets.

Now what: It's key to remember that we're not simply talking about a bank that's trying to get back on its feet here. The story of Allied Irish -- at least as far as investors should be concerned -- hinges on how much will be left over once the bank's bailout process and the government's equity stake are fully sorted out. Some investors obviously seem to think that today's news is a step in the right direction, but I prefer to be (overly?) cautious when government intervention is involved, so I'm still steering well clear of Allied's shares.

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