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 Modine Manufacturing Co. (NYSE:MOD) jumped as much as 11% today after announcing a plant closure.

So what: Modine will close its manufacturing facility in McHenry, Illinois, and consolidate production in other facilities around the country. The plant closure will take approximately 18 months and will cost about $5 million, including $2 million in the fourth quarter of fiscal 2014. 

Now what: Modine is cutting costs in an effort to improve thin margins, which is probably a good move long term. But until I see solid results from these efforts, I'll take a cautious approach. Analysts are expecting a big jump in profits next year and, at 20 times earnings, there's downside risk if those results can't be hit.