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 apparel company VF (NYSE: VFC) jumped 11% today when it announced it is buying Timberland (NYSE: TBL).

So what: Timberland's shares jumped today as well, which is no surprise, but the move by VF was a huge vote of confidence in the company's move. The $2 billion all-cash deal will add about $700 million to sales and $2 per share in earnings by 2015, according to estimates.

Now what: VF is trying to add to its outerwear portfolio, which includes North Face, and management expects it to be 60% of the company's business by 2015. This is a step in that direction, and the market has so far agreed that it's a good move for both parties. Interestingly, VF's market cap increased more than $1 billion today, about half of the purchase price of Timberland, showing who the market thinks is getting the better end of this deal.

Interested in more info on VF? Add it to your watchlist.