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 Titanium Metals (NYSE:TIE.DL), also known as Timet, soared a whopping 42% today after jet engine castings maker Precision Castparts (NYSE:PCP.DL) agreed to buy the titanium melted and milled products company for $2.9 billion.

So what: The all-cash deal values Timet at $16.50 per share and represents a 43% premium to its closing price on Friday. Precision is making the move to streamline its supply chain and reduce costs, and judging by its own stock's 5% pop today, Wall Street is pleased with the price it's paying to do it.

Now what: The deal is expected to close by the end of 2012 and be immediately accretive to Precision's earnings. "The potential for value creation is vast -- we expect to generate significant synergies by putting our two companies together and leveraging our respective strengths," Precision Chairman and CEO Mark Donegan said. "Timet's melting expertise and [Precision's] forging and conversion assets are a complementary strategic fit." So while Timet shares are likely all popped out, Precision's newly bolstered efficiency might be a source of outsized gains going forward.

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