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 magicJack VocalTec (Nasdaq: CALL) jumped 10% today on extremely high volume.

So what: Just over halfway through the trading day, more than 300,000 shares had traded hands, compared to a 30-day average of 68,000. First of all, the company paid a dividend in stock today, essentially splitting shares, so the stock is trading lower than it was Friday. It was also reported late last week that management has canceled the share sale it announced earlier this month.

Now what: Splits and dividends can result in some big moves, but I think investors are still pushing shares higher on relief that the share offering has been canceled. Shares had taken a tumble prior to the announcement and are now bouncing back to where they were prior to the offering announcement. I’m not buying the move today, but once shares settle down it may be worth taking a fresh look at the company’s valuation considering its large cash load.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.