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 Tele Norte Leste Participacoes (NYSE: TNE) are rallying nearly 15% today, with no apparent news story to indicate why the stock would be up so much.

So what: It's a bit hard to decipher what could be the driving force behind today's move, outside of the fact that the company had traded more than four times its daily share volume by midday. Day traders could be testing key technical levels in the stock or investors could be buying into the bullish story surrounding rising cellular phone usage in Brazil.

Now what: News story or not, Tele Norte Leste presents shareholders with a strong growth opportunity at a fraction of the forward multiples you'll often find in the United States. One worrisome concern with foreign telecoms, though, is you run the risk of less long-term visibility, and that could be a problem. Tele Norte Leste missed analysts' profit projections by a mile in its most recent quarter and that speaks exactly to the fact that long-term views of foreign telecoms are hard to determine. Still, at just 8.7 times forward earnings, this foreign telecom deserves a spot on your watchlist, even after today's spike.

Interested in more info on Tele Norte Leste Participacoes? Add it to your watchlist!