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 Suntech Power (NASDAQOTH:STPFQ) jumped 16% today after announcing an asset sale.

So what: Shunfeng Photovoltaic International said it has won a bid to acquire Wuxi Suntech, Suntech Power's biggest subsidiary, for $492 million. The deal must be approved by the bankruptcy court overseeing Wuxi Suntech's bankruptcy and we still have no idea where U.S. bondholders or equity holders stand in line for the money.  

Now what: Suntech has more than $2.3 billion in debt and it's unlikely U.S. stockholders will see any of this money. The question is, what's left after selling Suntech's largest subsidiary? I definitely don't think there's enough to pay back $541 million owed to bondholders -- some of whom have filed for involuntary bankruptcy against Suntech Power -- and there's nothing left for stockholders unless they're paid back. This is not a pop to buy and I'd stay far away from Suntech today or in the near future.