GTT Communications (NYSE: GTT) rose as much as 32% in early morning trading on Tuesday. Shares of the networking and telecommunications company were up about 12% as of 1:05 p.m. EDT. Investors can thank Dan Loeb, an activist hedge fund manager, for today's jump. Loeb's hedge fund, Third Point LLC, recently disclosed in a regulatory filing that it now owns more than 3 million shares of GTT Communications. That represents more than 5.5% of shares outstanding. GTT's stock recently crashed in the wake of its most recent earnings, so traders appear to be gleeful about the prospects of Dan Loeb stepping in.