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 commercial real estate finance company iStar Financial (NYSE: SFI) surged 27% on Tuesday after its board of directors approved a new $65 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 each shareholder has in the company. Given that the stock has been punished 45% in July alone, Wall Street seems to be applauding the timeliness of the announcement.

Now what: I wouldn't be so quick to jump in just yet. While today's share price boost is easily justified, iStar's long string of operating losses and hefty debt load continue to make it a questionable long-term opportunity. Throw in a stock price that swings nearly three times as violently as the market, and iStar is an easy pass for most investors.

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

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.