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 cigarette maker Lorillard (NYSE: LO) jumped 10% this afternoon after some clarification from the Food and Drug Administration.

So what: At an upcoming meeting the FDA will discuss the future of menthol cigarettes. The agency concluded that removing menthol would be a benefit to public health, but a spokeswoman said the July meeting would not change the report's conclusions or recommendations.

Now what: Apparently there won't be any drastic changes soon, something the market is cheering today. Any changes would require "rule making that includes public notice and the opportunity for public comment." Feel free to stop stressing about this ruling and head back out for a smoke break.

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