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 (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.

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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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