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 multi-media entertainer Central European Media Enterprises (Nasdaq: CETV) are drawing rave reviews today by jumping as high as 11.4% on very heavy trading volume.

So what: The company just reported 24% year-over-year sales growth in the second quarter and a rare instance of positive earnings, beating estimates on both counts. This popping action has become a theme for Central European Media investors as the earnings reports in February and April produced similar reactions.

Now what: CEM's earnings may be habitually weak, but the company generates plenty of free cash and strong sales growth. That's a good thing, because the company is also saddled with heavy debt -- just like American counterparts CBS (NYSE: CBS) and Walt Disney (NYSE: DIS), or indeed any broadcaster worth mentioning. As Central and Eastern Europe climb out of the quasi-third-world category to join the rest of us sprawling suburbanites, CEM looks poised to capitalize on that population's newfound wealth and the advertising spree that's sure to follow. For more insight into investing in Central and Eastern Europe, you should grab a free trial subscription to our Global Gains service -- no strings attached.

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