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 Jones Group (NYSE: JNY) climbed 11% on Tuesday after the clothing and accessories company confirmed that it is in talks about selling its denim division to industry peer Delta Galil Industries.

So what: The move would allow Jones -- whose stock has taken a huge beating over the past year -- to focus on its higher-margin, higher-growth luxury brands. Additionally, management said that it would probably use a big chunk of the sale's proceeds -- estimated at $350-$400 million -- for share buybacks.

Now what: I'd cautiously look into Jones as a possible value pick. High cotton prices have weighed heavily on Jones' margins in recent months, so fully transforming into a less economically sensitive luxury accessories business -- a la Coach (NYSE: COH) and Fossil (Nasdaq: FOSL) -- should appeal to more long-term investors. With Jones expecting to either close a deal with Delta Galil or end talks within a month, Fools won't have to wait very long to see what happens.

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