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 Motricity (Nasdaq: MOTR) climbed as high as 10% in intraday trading Monday after being chosen by Asian telecom giant Axiata as its exclusive provider of mobile telecom services.

So what: Axiata boasts about 150 million subscribers in 10 Asian countries so, naturally, the deal offers the still-small Motricity a new exciting source of growth going forward. Of course, Motricity already offers mobile data services on major American networks like AT&T, Sprint, and Verizon, so today's news also serves as yet another endorsement of its solutions.

Now what: Although the Motricity story sounds good, its valuation seems to be leaving very little room for error. While the stock has weakened in recent weeks, Motricity is still up more than 100% since its June IPO and trades at a forward P/E premium to data service gorillas like Google and IBM. Throw in the fact that insiders are now free to start selling shares, and Fools have more than enough reason to watch from the sidelines.

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