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 business-class broadband service provider PAETEC Holding (Nasdaq: PAET) spiked to 12.2% gains on workaday trading volume this morning.

So what: PAETEC's first-quarter sales came in slightly above analyst estimates, and its net loss was $0.01 per share smaller than expected. The company also announced plans to open a sixth major data center by the end of 2011, this time in McLean, Va.

Now what: It's a nice pop, but only enough to bring PAETEC back to where it was a month ago. Like oblique rivals Level 3 Communications (Nasdaq: LVLT) and Windstream (NYSE: WIN), PAETEC seems filled with promise that never finds a catalyst. Out of this trio, only Windstream has beaten the S&P 500 index over the past year, and even then by the slimmest of margins.

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