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 water infrastructure specialist Mueller Water Products (NYSE: MWA) were up as much as 13% in intraday trading on higher-than-average volume.

So what: It may be more like so what? Today's pop came with no apparent news, so the best we can do is speculate on the reason. Considering that the average dollar volume of Mueller Water Products stock that moves each day isn't all that high, the jump today could be because of a large(ish) institutional buyer grabbing a chunk of shares and other investors taking the cue. Of course, that's just a best guess and probably worth the paper it's printed on (note: does not have a print version).

Now what: Mueller Water Products has been on Fools' radars for some time now because aging water infrastructure has many investors excited about the prospects for the company to score some big sales. The stock is a five-star pick on Motley Fool CAPS, and it's a holding of Motley Fool Hidden Gems. If you believe the optimists, there are a lot of reasons to like Mueller Water Products' prospects, but few of them would probably include today's unexplained jump. So if the shares have caught your eye, dig in and figure out why the company may have a bright future, but don't get caught up chasing this pop.

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Mueller Water Products is a Hidden Gems selection. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.                                                                      

Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.