Pause. Consider business situations as a mini movie in production in which you are the director. When you have any new and sudden disruption to filming (i.e. new information, a new competitive entrant, a new shift in available resources, etc.), the first call to action should be to take a pause.
Play. Let the movie play out in your head and think about the various scenarios and how you can use the new information or situation to your advantage.
Mute. Remind yourself to hit your internal mute button so that you keep your thinking to yourself unless there is a compelling reason to share. Think like a poker player and ask if there is any upside to sharing what you know with the counter-party. There usually isn't.
Rewind and Record Again. Appropriately reset your actions and hit "record" again to move toward your desired "win smart" ending.