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: Two days after a downgrade from analysts at Jefferies & Co., shares of Leap Wireless (Nasdaq: LEAP) fell more than 10% in early trading on more than triple the average volume.

So what: There's irony in the sell-off. Earlier today, Leap announced what should have been good news. The company's Cricket subsidiary has inked a deal to make its Muve Music service available via select Android smartphones sold on Amazon.com (Nasdaq: AMZN).

Now what: Investors have good reason to be skeptical, of course. Google (Nasdaq: GOOG) has its own Android-compatible music service while Pandora (NYSE: P) and Sirius XM (Nasdaq: SIRI) are still struggling to win over some smart handset owners.

To be fair, Leap will also offer Muve to some feature phone customers and pay-as-you-go clients, but that may not make a difference when bigger brands have already established themselves. Do you agree? Would you buy shares of Leap Wireless at current prices? Please weigh in using the comments box below.

Interested in more information about Leap Wireless? Add it to your watchlist by clicking here.

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He owned shares of Google 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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