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: Clearwire (Nasdaq: CLWR) popped 11% in intraday trading today after wrote it up as "potentially oversold."

So what: Oversold is a measure used in technical analysis to identify stocks with potential to rise. According to, Clearwire's price-to-book ratio of 0.83 indicates the value of the company's underlying assets exceeds today's market price, and its PEG ratio of 0.07 suggests the "shares are trading at an excellent value relative to firm's growth rate."

Now what: While suggests Clearwire is undervalued based on historical financial metrics, it makes no mention of the company's outlook. On Monday, Sprint Nextel (NYSE: S) announced a 15-year network-sharing deal with LightSquared that has potentially negative implications for Clearwire. Investors would be wise to value this stock based on future earnings potential -- discounting for the uncertainty -- rather than historical financials.

Interested in more info on Clearwire? Add it to your watchlist by clicking here.

Fool contributor Cindy Johnson does not own shares of any company named above. 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 Motley Fool has a disclosure policy.