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 broadband satellite services specialist Hughes Communications (Nasdaq: HUGH) surged as much as 18% today, on news that it is putting itself up for sale.

So what: According to sources close to the matter, Hughes, which is 57% owned by private equity firm Apollo, has already garnered interest from several private equity firms and satellite companies. Apollo has been the majority shareholder in Hughes since 2004, and a sale would allow it to exit the investment at a three-year high.

Now what: I'd keep my distance from Hughes at this point. The shares are up about 140% over the past six months, so speculating that a deal will go down at even higher prices wouldn't exactly be prudent. With rivals Gilat Satellite Networks (Nasdaq: GILT) and ViaSat (Nasdaq: VSAT) both trading at a clear PEG discount to Hughes, there are certainly cheaper bets in the space.

Interested in more info on Hughes? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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