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 Global Eagle Entertainment (NASDAQ:ENT) jumped 10% Tuesday after the in-flight connectivity specialist announced a new technical services agreement with Boeing (NYSE:BA).

So what: Specifically, Boeing has agreed to evaluate Global Eagle Entertainment's satellite-based connectivity solution for potential line-fit installation in new-delivery Boeing 737 and 787 aircraft. Note: This doesn't mean Boeing has officially approved a wide-scale partnership just yet. Rather, Global Eagle investors should view it as a solid first step toward that goal. For perspective, Boeing's evaluation of Global Eagle's offering is expected to be complete sometime in 2015.

Now what: Global Eagle Entertainment shares have traded relatively flat since early last month, when the stock popped following its solid first-quarter results. That included revenue growth of 55% year-over-year to $86 million, which translated to a slightly narrower net loss of $26.3 million.

In the end, Global Eagle does have a healthy balance sheet to weather its current losses as it strives toward sustained profitability, but it also has plenty of work to do in order to prove worthy of my investing dollars over the long-term. For now, I'm perfectly happy keeping Global Eagle Entertainment on my watch list.