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 J.C. Penney (NYSE:JCP) were up as much as 10% today after reports of a new CEO search.

So what: CNBC reported that hedge fund investor Bill Ackman, who has a large stake in J.C. Penney, has sent a letter to the board asking them to accelerate the CEO search. Former CEO Mike Ullman took over when Ron Johnson was fired in April, and the struggling company needs to find a long-term direction. 

Now what: There's really no news here because Ullman wasn't the long-term answer, and the board should have been looking for a new CEO anyway. Chalk this up as a crazy move in a company that's struggling just to survive right now. A new CEO wouldn't make me buy the stock today, and I'm certainly staying away from the higher price that shares are trading at.

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Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.