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 mobile multimedia specialist BroadSoft (Nasdaq: BSFT) jumped as high as 16.5% this morning on tremendous volume.

So what: A fresh telecom market report by analyst firm Dell'Oro notes that BroadSoft gained market share in the voice application server market during 2010. A similar comment in the same report about gains in a related market for voice-carrier hardware expert Acme Packet (Nasdaq: APKT) failed to light a similar fire under that stock, however: Acme is down 3% today.

Now what: BroadSoft has popped hard and often since its IPO last summer, sometimes on real news and sometimes not. The stock has now gained more than 500% since mid-June, squeezing out all but the most daring short-sellers along the way. With a P/E ratio of 220 times trailing earnings and a tendency to keep rising for no particular reason, such as on today's largely non-news, I'd be afraid to touch BroadSoft on either the long side or the short.

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