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 The Men's Wearhouse, (TLRD) were looking schlubby today, falling as much as 10%, and ending down 5% after Jos. A. Bank (NASDAQ: JOSB) bought Eddie Bauer instead of partnering with Men's Wearhouse. 

So what: Men's Wearhouse and Jos. A. Bank had been a do-si-do during the last few months as Jos. A. Bank first made an offer to take over Men's Wearhouse before Men's Wearhouse made a counteroffer just weeks alter. Shares of Men's Wearhouse had gained on the buyout offer, but neither board was interested in being sold to the other, and Jos. A. Bank underlined that sentiment with its purchase of Eddie Bauer, which will only make a potential bid to acquire it more expensive.   

Now what: Men's Wearhouse issued a statement in response to the acquisition, saying it "will evaluate options with respect to Jos. A. Bank." Its current offer of $57.50 a share for Jos. A. Bank will expire March 28, and Men's Wearhouse management insisted the price would provide shareholders of the target with a substantial premium and an immediate and certain value. Shares of Jos. A. Bank closed at $55.12 today. Given that closing price and the Eddie Bauer acquisition, a Men's Wearhouse takeover seems exceedingly unlikely at this point.