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 Metals (NYSE: CMC) jumped 22% today when famous investor Carl Icahn made an offer to buy the company.

So what: Icahn, who already owns 10% of the company, is offering $15 per share for the 90% he doesn't already own. The total deal would be for $1.73 billion, and it is thought he would combine parts of the company with a metals recycling business he owns.

Now what: Icahn said he doesn't have any confidence in the board or current management and would like to improve operations and change the company's direction. A move like this from Icahn is huge news for investors, but it doesn't necessarily mean his bid will be successful. There is still about $1 in upside if the current offer is accepted, but I would take part of my profits off the table on the chance that a deal isn't completed.

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