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 Lions Gate Entertainment (NYSE:LGF) were dazzling investors today, climbing as much as 15%, after crushing estimates in its third-quarter earnings report.

So what: After losses in its three previous quarters, Lions Gate redeemed itself today with a $0.53 EPS in the quarter, making analyst projections of $0.09 look silly. Revenue also doubled, to $707 million in the period, driven by "strong home entertainment revenue from the blockbuster The Hunger Games." Management also said a number of other box office releases, such as The Possession, and The Expendables 2, helped boost sales.

Now what: Investors have good reason to celebrate a quarter like this one. If Lions Gate put up these kinds of results four times a year, the stock would be a bargain at its current price. Investing in movie studios and other creative arenas can be difficult, because these stocks are really only as valuable as their next big hit. Still, Lions Gate should continue to reap benefits from its box office releases this quarter, and next year's highly anticipated sequel to The Hunger Games -- Catching Fire -- could be another blockbuster. Shares could continue to move higher in the near term.

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Jeremy Bowman has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. 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. The Motley Fool has a disclosure policy.