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 Russian steel maker Mechel OAO (NYSE:MTL) jumped as much as 10.7% today after getting a potential lifeline from debt holders.

So what: The grace period and maturity of a $1 billion syndicated loan has been extended to 2014 and 2016 respectively. The company is having trouble paying back debt and was granted a waiver on another $1 billion loan on November 25, giving the company some breathing room.  

Now what: This extends Mechel's life a little longer but if the commodity market doesn't improve it won't matter. This doesn't fundamentally improve the company; it really just pushes bankruptcy off for a while. That's why I don't see this as a buy sign and would wait for a strong improvement in operations before jumping in.

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.