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 Sprint Nextel (NYSE: S) fell more than 12% in early trading before closing off 7%. The nation's third-largest carrier reported better-than-expected third-quarter results but scared investors by committing to a new deal with Clearwire (Nasdaq: CLWR).

So what: Just last month, Sprint said it would build an LTE network with LightSquared. Today, CEO Dan Hesse told investors that Sprint and Clearwire had entered a "nonbinding cooperation" agreement to build yet another LTE network. To say this is getting silly is insulting silly people.

Now what: Either way, Sprint needs a faster data network to keep pace with the LTE buildouts under way at AT&T (NYSE: T) and Verizon (NYSE: VZ). I'm just not sure a deal with Clearwire will help much, if at all. Do you agree? Disagree? Please weigh in using the comments box below.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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