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 paper maker Boise (NYSE: BZ) jumped 10% in early trading after the market got wind of a proposed acquisition in the industry.

So what: Competitor International Paper (NYSE: IP) has its sights set on Temple-Inland (NYSE: TIN) with a $3.3 billion cash offer for the company yesterday. Temple had other ideas and adopted a "poison pill" to fend off the bid.

Now what: The news isn't exactly about Boise today, but it may make the market rethink the value of these companies. Boise has a P/E ratio of just 7.2 and trades at a slight discount to book value even after the pop today. I'm not going to buy into this move, since Boise is getting a side benefit from another company's bump, but it is worth taking a second look at the stock based on current valuation.

Interested in more info on Boise? 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 CAPS picks at TMFFlushDraw.

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