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 (NYSE: ABVT) climbed 10% on Tuesday on a report that it is putting itself for sale.

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 (Nasdaq: LVLT) and even Verizon (NYSE: VZ) both trading at a clear price-to-sales discount to AboveNet, there might be more sound bets in the space.

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