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 apparel-designer Jones Group (NYSE: JNY) slipped sharply in early trading, falling as much as 13% before making a substantial recovery.

So what: The early dip was connected with Jones' announcement that it has terminated its efforts to sell its jeans division. The company had been working on a deal with Israel's Delta Galil that was reportedly for $350 million-$400 million. Jones had hoped to jettison the segment and focus more on its higher-end wares.

Now what: Traders reacting quickly to the news this morning appear to have overestimated the broader market's reaction to the revelation. Looking ahead, this development may not be all that meaningful -- perhaps Delta Galil was hoping that a tough economy would allow it to buy the business at a bargain price and Jones wasn't interested in that. On the other hand, it could mean that the jeans division isn't worth as much as Jones management -- or shareholders -- had hoped.

Without a window into those closed-door discussions, we won't be able to know which direction those discussions went. Instead, investors will simply have to stay tuned in to the results that the company is able to turn out in the quarters to come.

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