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 Ingersoll Rand Company (NYSE:IR) appear to have fallen 22% today, but it's really the result of a spin-off.

So what: Today, Ingersoll Rand completed the spin-off of Allegion, a former subsidiary that makes electronic security products. For every three shares of Ingersoll Rand, investors got a share of Allegion, meaning that investors are only down about 2.2% overall in today's trading. 

Now what: At the end of the day, this is really a non-move for investors; they just now own two stocks instead of one. What is worth looking at is whether or not you want to hold both shares of Ingersoll Rand and Allegion. Your investment thesis on one or both of these companies may have changed now that they're separate, but Ingersoll Rand's stock move isn't as dramatic as the current stock price makes it appear.

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.