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 restaurant operator P.F. Chang's China Bistro (Nasdaq: PFCB) were getting a big boost today, surging as much as 30% after the company agreed to be taken private.

So what: It's earnings season and P.F. Chang's did report earnings today, but nobody really cares all that much about the company's first-quarter results right now. The big news is that the company signed an agreement to be sold to private equity firm Centerbridge Partners for $1.1 billion, or $51.50 per share.

Now what: No doubt some public shareholders who were excited about the long-term prospects of P.F. Chang's will be disappointed that the company is on its way to being taken private. However, the price that Centerbridge is paying looks like a pretty good one, valuing the company at 33 times expected 2012 earnings and 27 times 2013 estimates. The $51.50 price tag is a 30% premium to the average stock price over the 30 days ending April 30.

Want to keep up to date on P.F. Chang's China Bistro? Add it to your watchlist.