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 engineering service provider Michael Baker (NYSEMKT:BKR) jumped 36% today after agreeing to a buyout.

So what: Integrated Mission Solutions is buying the company for $40.50 per share for a total purchase price of about $391.6 million. The deal is all cash, and the company's plan is to keep Baker's brand and staff in place.  

Now what: Shares are trading within pennies of the buyout price, and taking at least a little bit of profit off the table is wise today. From time to time, buyouts can fall through, and the premium gained on a day like today can be lost. Given the massive premium, it's also not likely the offer will be increased in the future.

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Fool contributor Travis Hoium and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.