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 high bandwidth connectivity specialist AboveNet
So what: According to DealReporter, AboveNet has retained JPMorgan to explore a possible sale and help find a buyer. Today's double-digit pop -- which marks the biggest gain the shares have had in more than a year -- comes on a whopping volume of more than 1 million shares, versus its three-month average of just 117,000 shares.
Now what: I'd keep my distance from AboveNet at this point. The shares are now up about 55% over the past year, so speculating that a deal will go down at even higher prices wouldn't exactly be prudent. With larger rivals like Level 3
Interested in more info on AboveNet? Add it to your watchlist.