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?

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. 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 is investors writing for investors.