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 wireless network operator Clearwire (Nasdaq: CLWR) jumped as high as 11% over last night's close in early morning action today.

So what: Bloomberg reports that Clearwire wants to sell some of its wireless spectrum licenses for as much as $5 billion, instantly relieving pressure on a shaky balance sheet and funding lots of future growth. Even after such a sale, Clearwire would hang on to about two-thirds of its licensed bandwidth.

Now what: Considering that Clearwire's balance sheet values its spectrum licenses as $4.45 billion in total, selling one-third of that for $5 billion would provide an awesome return on that investment. If this deal happens as described, Clearwire becomes more independent from joined-at-the-hip partner Sprint Nextel (NYSE: S) and positions the company to become a WiMAX service provider for all of the major networks. This could be a turning point in Clearwire's history, which has been spotty so far.

Interested in more info on Clearwire? Add it to your watchlist here by clicking here.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. Sprint Nextel is a Motley Fool Inside Value selection. Try any of our Foolish newsletter services free for 30 days. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Motley Fool is investors writing for investors.