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: JDS Uniphase (Nasdaq: JDSU) popped 9% higher on Tuesday, after running up nearly 11% at one point.

So what: What's the reason behind the price spike? Take your pick. Telecom equipment peer Ciena (Nasdaq: CIEN) is set to report earnings Thursday. Good news there would presumably spill over to JDS' benefit. Also, RBC Capital upped its price target on the stock to $18 today. Furthermore, JDS announced today that it will be presenting at two separate investor conferences next month.

Now what: Any one of those factors could have caused a price spike at JDS. Put 'em all together in one place and they apparently cause a 9% price spike. As for what will keep the shares climbing higher, though ... I don't know. JDS already look priced for perfection at better than 43 times trailing earnings. That's a pretty penny to pay for the 14% long-term growth rate most analysts expect out of JDS. If you ask me, today's surging share price might best be used as an opportunity to exit the shares on a high note.

Will JDS reward investors who stay the course? Add it to your Watchlist and find out.