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 Loral Space & Communications (Nasdaq: LORL) rocketed as much as 25% higher today, and finished the day up about 17%.

So what: The jump is related to the possible sale of Canadian satellite firm Telesat Holdings, which is 64% owned by Loral. Bloomberg is reporting that "three people with knowledge of the matter" say Telesat has brought on JPMorgan Chase (NYSE: JPM), Morgan Stanley (NYSE: MS), and Credit Suisse Group (NYSE: CS) as advisors to help sell the company -- possibly for $6 billion to $7 billion.

Now what: The sale price would be quite a jump from the C$3.25 billion that Loral and Canada's Public Sector Pension Investment Board, which owns the other 36%, paid for Telesat in 2006. But according to Bloomberg, the deal could be held up by the Canadian government since many prospective buyers are located out of the country. Shareholders should keep in mind that such an action could adversely affect Loral's share price.

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