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 McClatchy Company (MNI) were rocketing higher today, gaining as much as 28% after a consortium it belongs to put up for sale.

So what: McClatchy is one of five newspaper publishers belonging to the Classified Ventures consortium, which owns, and the group is putting the website on the selling block for as much as $3 billion. McClatchy owns a 25.6% stake in the venture, meaning it stands to take home more than $750 million if Classified can find a buyer willing to shell out $3 billion. Last week, Classified announced it would sell another major asset,, for $585 million. So the joint venture will essentially be dismantled if the sale goes through. 

Now what: McClatchy shares jumped 8% the day the deal was announced, and at a current market cap of $600 million, the cash infusion from a potential sale would have a huge benefit. The market for e-commerce websites has been heating up lately as rival was recently valued at $7.2 billion in equity sale, and McClatchy has at least part ownership in a number of other web properties including,, and If the sales goes through, don't be surprised to see those other websites go on the trading block, a move that should send McClatchy shares up even higher.