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 service specialist Leap Wireless International (Nasdaq: LEAP) spiked 13% in intraday trading Monday after AT&T's (NYSE: T) plan to buy T-Mobile triggered excitement about other takeover possibilities in the industry.

So what: Shares of several small wireless operators -- including Leap, U.S. Cellular (NYSE: USM), and MetroPCS (NYSE: PCS) -- jumped on speculation that AT&T's move would trigger a wave of industry consolidation. After having lost its bid for T-Mobile, Sprint Nextel (NYSE: S), which now sees itself in a distant third position in the wireless market, seems in particularly dire need to bulk up. 

Now what: Leap might be one takeover target that's worth taking a shot on. Even with today's double-digit pop, the shares are still down more than 15% over the past year and trade at a cheapish price-to-book of 1.1. Fools know never to buy a stock based on buyout buzz alone, but Leap's more than 5 million subscribers and billions of dollars worth of network assets might provide enough downside protection to make the bet a safe one.

Interested in more info on Leap? 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.

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 Fool's disclosure policy always gets a perfect score.