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 backbone network provider Level 3 Communications (Nasdaq: LVLT) lost a signal today, opening up 12.8% below Friday's closing and then climbing back to a smaller 7% drop.

So what: The proposed merger with Global Crossing (Nasdaq: GLBC) was approved by shareholders on both sides on Friday. The relative climb back to respectable price levels while facing a sour market day comes on news of an attractively structured $650 million loan to help finance the deal.

Now what: Approved mergers are usually seen as good news, unless some cohort of traders was hoping for a big "no" and then a better deal. I'm not a huge fan of Level 3 shares in general, but the stock looks fairly attractive at these low prices. If you think that Level 3 is headed for the great gig in the sky, by all means stay away -- otherwise, digging deeper into the company looks like a smart move.

Interested in more info on Level 3 Communications? Add it to your watchlist.