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.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days. 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 Fool's disclosure policy always gets a perfect score.