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 Barnes Group (NYSE:B) jumped 15% today, after announcing the sale of one of its businesses.

So what: MSC Industrial Direct (NYSE:MSM) said it would buy Barnes' distribution business for $550 million. The deal is expected to add $0.15 to $0.20 in earnings per share to MSV in fiscal 2014.  

Now what: This is the smallest of Barnes' businesses, and has the lowest margin, so it will allow the company to focus resources on other areas. The price seems generous to Barnes' shareholders given its $29.4 million in operating profit during 2012. I think this is a good move for Barnes and will strengthen the balance sheet going forward, which could help the stock move higher.

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