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: Investors in Leap Wireless International (Nasdaq: LEAP) leapt out of shares as fast as possible, sending shares 19% lower after a competitor released terrible earnings.

So what: MetroPCS (NYSE: PCS) caused the ruckus today when it reported weak earnings and sent its own shares tumbling 30%. Low-cost wireless providers are being hit with higher costs and lower growth than expected this year.

Now what: This is just another indication of how our fragmented recovery is affecting the country. The low end of the market is struggling far more than high-end customers, and wireless providers like MetroPCS and Leap Wireless are taking it on the chin. Leap Wireless is expected to report yet another loss this year, so if you're bargain shopping, MetroPCS would be a better pick ... but I would still be wary of the space right now.

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