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 Atheros Communications (Nasdaq: ATHR) climbed 18% after reports Qualcomm (Nasdaq: QCOM) would purchase the company.

So what: If the deal goes through as reported, Qualcomm will pay $45 per share, or $3.5 billion, for Atheros, and the agreement could be announced on Wednesday. The New York Times is citing unnamed sources, so there is still a chance the deal won't be completed or will be different than reported. We won't know for sure until we hear official word from Atheros.

Now what: With more than $10 billion in cash, Qualcomm has more than enough ammo to make this deal and join the tech buyout boom. Atheros will give Qualcomm a host of new chipsets including two new wireless router solutions announced on Monday. The stock is already trading near the $45 buyout price, so Atheros stockholders looking to cash out should take advantage of the price jump in case the deal falls through. Otherwise, I'll wait for official news when it comes out.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

Atheros Communications is a Motley Fool Hidden Gems pick. The Fool owns shares of Atheros Communications and Qualcomm. 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.