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 video game publisher Activision Blizzard (NASDAQ: ATVI) surged 13% today after announcing an $8.2 billion deal to split from parent company Vivendi. 

So what: Activision is buying the stake from Vivendi at a 10% discount -- $13.60 per share -- to its closing price on Thursday, suggesting that the Call of Duty and World of Warcraft purveyor is getting a pretty sweet deal to gain back its freedom. The Vivendi sale will reduce its holdings from 61.1% of Activision's common shares to just 12%, triggering optimism that the deal will allow Activision to finally unleash some of its seemingly pent-up entrepreneurial creativity.

Now what: The deal is expected to close by the end of September 2013, subject to standard closing conditions. "We should emerge even stronger -- an independent company with a best-in-class franchise portfolio and the focus and flexibility to drive long-term shareholder value and expand our leadership position as one of the world's most important entertainment companies," said Activision CEO Bobby Kotick. So while I wouldn't usually touch such a hot stock, today's pop might just be the start for the suddenly nimble, flexible, and independent Activision.