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 mobile communications hardware specialist Powerwave Technologies (Nasdaq: PWAV) are looking sprightly today, gaining as much as 10.4% on plentiful trading volume.

So what: Powerwave just added former AT&T president of network services Richard Burns to its board of directors, which adds a healthy dose of industry-relevant experience. But the big pop came later in the day, presumably in response to Powerwave's highly publicized presence at the CTIA tradeshow.

Now what: If that double dose of share-boosting data wasn't enough, fellow wireless networking chip designer Optichron got a buyout offer from Netlogic, raising hopes of further buyouts across the industry and insulating several stocks against a generally gloomy market day. Powerwave might look expensive with a trailing P/E ratio north of 140, but the forward-looking P/E is a more reasonable 14.6 and the company generates solidly positive cash flows. Could this be the next big buyout in wireless communications?

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