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 department store operator J.C. Penney (NYSE: JCP) surged 19% on Tuesday after tapping Ron Johnson, head of Apple's (Nasdaq: AAPL) retail operations, as its new president and eventual CEO.

So what: Highly regarded for his creativity and innovation, Johnson is widely credited for the smashing success of Apple's iconic retail stores, which have grown to a whopping 300 stores in the U.S. and abroad. Given his proven track-record, it's no surprise that Mr. Market is betting that Johnson will be able to set J.C. Penney apart from rivals such as Macy's (NYSE: M) and Nordstrom (NYSE: JWN).

Now what: I wouldn't jump onto J.C. Penney shares just yet. While investors have good reason to be excited about the hiring coup, today's 19% surge just seems like too big of a celebration at too early of a time. After all, without any wildly popular, industry-dominating, consumer-facing gizmos to work with, reinventing JCPenney stores will likely prove to be an infinitely tougher challenge.

Interested in more info on J.C. Penney? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Motley Fool newsletter services have recommended buying shares of and creating a bull call spread position in Apple.The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days.

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