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 alcohol beverage specialist Central European Distribution (Nasdaq: CEDC), called CEDC, rose as high as 11% in intraday trading Thursday after an acquisition in the sector sparked bullish interest in the stock.

So what: As part of its strategy to build a $30 billion nutrition business over the next decade, PepsiCo (NYSE: PEP) announced plans earlier today to acquire a majority stake in Russian juice and dairy company Wimm-Bill-Dann (NYSE: WBD). As fellow Fool Rich Smith noted, PepsiCo and Coca-Cola (NYSE: KO) have been trying to grow in Russia for quite some time, so when you consider CEDC's huge presence in the country, it's no surprise that Mr. Market is bidding up the price on today's news.

Now what: Even after today's double-digit increase, CEDC looks likes a tempting opportunity. With profits that are expected to grow at a 20% clip in each of the next five years, CEDC seems like a reasonable way for consumer goods gorillas to further boost their Russian exposure. Fools know never to bet on a stock based on a takeover possibility alone, but the stock's cheapish sub-one PEG ratio makes it cheap enough to take a chance on.

Interested in more info on CEDC? Add it to your watchlist.

Fool contributor Brian Pacampara doesn't own a position in any of the companies mentioned. PepsiCo and Coca-Cola are both Motley Fool Income Investor picks. Coca-Cola is also an Inside Value pick, and Motley Fool Options has recommended a diagonal call position on PepsiCo. The Fool owns shares of Coca-Cola.

 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 Fool's disclosure policy always gets a perfect score.