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 lawn, garden, and pet products supplier Central Garden and Pet (Nasdaq: CENT) climbed 10% on Friday after announcing that its board of directors has approved a new $100 million share repurchase program.  

So what: We Fools love stock buybacks, as they serve to reduce the number of shares outstanding and, in turn, increase earnings per share and the percentage stake that shareholders have in the company. Given that Central Garden's repurchase program would encompass a significant chunk of its float at current prices (about 20%), it's no surprise that Mr. Market is looking to get ahead of the big boost in value.

Now what: Don't let today's pop keep you from looking into Central Garden. Just last month, the company posted a market-beating second-quarter profit, and while it came primarily on a lower share count, its sales did manage to grow at a solid 10%. Investing in a company with seemingly positive sales momentum and a big future buyback planned usually comes at a cost, but at a forward P/E less than 10, Central Garden seems worth it.

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