What is the IntelliJ shortcut to create a local variable?

In Eclipse if you have a method:

String MyObject.getValue();

When using this you can go:

MyObject.getValue(); 

If you cursor is on the line and you hit CTRL + 1 you get a context menu to 'assign a new local variable', resulting in the following:

String value = MyObject.getValue(); 

Can you do this as easily in IntelliJ? I've search the net but without success.

Yep! This is the Introduce Variable refactoring. By default, select some text, and then hit Ctrl + Alt + V (for Mac: ⌘+⌥+V). If the expression is incomplete or invalid, IntelliJ will still make a good guess about what you meant and try to fix it for you.

IntelliJ 13.1 introduced Postfix completion.

With Postfix Completion you can introduce a local variable by typing:

MyObject.getValue().var

and pressing ctrl + space or enter.

It even works inside other statements. For example:

foo.someMethod(myObject.getValue().var);

for mac users: alt + enter at the position where you want to generate your variable