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 Manitowoc Company (NYSE:MTW) jumped 11% today after the company was pushed to spin off part of its business.

So what: Investment firm Relational Investors has urged Manitowoc to spin off its food business that sells refrigerators and ovens for commercial kitchens. Management said today that it has retained Goldman Sachs as an advisor on a potential sale, which excited investors today.  

Now what: The crane and food service businesses don't necessarily go together but the businesses are fairly similar in size with $467 million and $383 million in revenue, respectively. But if management can find a buyer who will pay more than the market is pricing the business, it would be a positive turn for shareholders. Speculating on a sale is dangerous so I wouldn't be a buyer today, but keep an eye on how this plays out in the future because a sale would change the fundamental investment thesis to a crane-only business model.