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 Molex (UNKNOWN:UNKNOWN) soared 31% today after industrial conglomerate Koch Industries agreed to acquire the fiber-optics specialist for $7.2 billion.

So what: The deal values Molex at $38.50 per share and represents a premium of 31% to its closing price on Friday. Koch is making the move because Molex "matches up well" with its culture and core operations, and also provides Koch with a much-needed platform for growth.

Now what: The deal is expected to close by the end of the year, at which point Molex will become a standalone unit of Koch and will continue to be run by the company's current management.

"After 75 years this was a difficult decision, but our board of directors and our family believe that this transaction ... provides outstanding benefits for all our stakeholders," said Molex Co-Chairman Fred Krehbiel. "The transaction is expected to provide substantial opportunities for our worldwide employees, many of whom have spent much of their working lives at Molex and are responsible for the company's long-term success."

So while Molex is likely all popped out that this point, rivals such as Amphenol and TE Connectivity -- both up about 2% on today's news -- might be worth looking into. 

Fool contributor Brian Pacampara 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.