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 NII Holdings (NASDAQ:NIHD) have skyrocketed today by as much as 25% on reports that the company may sell a business unit.

So what: Chilean phone company Entel is reportedly interesting in paying $500 million to purchase NII's Peru business unit. Local media outlet El Comercio reported the negotiations yesterday, sparking today's rally.

Now what: NII has been interested in selling businesses in different regions such as Peru, Chile, and Argentina, along with other assets, in order to turn its attention to core markets in Mexico and Brazil. Intense competition in Peru has led to declines in service revenue. In a Bloomberg report, Stifel Nicolaus analyst Chris King was quoted as estimating total gross proceeds from the three markets NII is considering selling at close to $1 billion.

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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.