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 mobile network operator Clearwire (Nasdaq: CLWR) got a crystal-clear signal today, jumping as much as 11.7% on fairly large trading volume.

So what: After AT&T (NYSE: T) dropped its blockbuster bid for rival T-Mobile USA, analysts started looking at what else Ma Bell could do about its rising radio spectrum needs. Two popular theories involve buying DISH Network (Nasdaq: DISH) -- or, indeed, Clearwire.

Now what: Moreover, head-to-head competitor LightSquared is butting up against a Dec. 31 deadline for FCC approval of a network deal that would make Clearwire less important to Sprint Nextel (NYSE: S) -- and LightSquared is starting to sound desperate about it.

If you're bored by the wireless industry these days, you're just not paying attention. That said, I don't expect this particular jump to have legs. Buying Clearwire would put AT&T up against another set of formidable regulatory hurdles, and Sprint is probably happy to stretch that LightSquared deadline as needed. Annnnd... we're back to square one.

Interested in more info about Clearwire? Click here to add it to My Watchlist.

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.