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 pan-Slavic media empire Central European Media Enterprises (Nasdaq: CETV) are doing their best Sergei Bubka impression today by vaulting to 11.8% gains on very high trading volume.

So what: The company's fourth-quarter report showed some management optimism as the company expects to grow operating profits in five of its six markets in the coming quarter. Advertising sales in Eastern Europe are getting back to levels not seen since the global meltdown of 2008.

Now what: CME nearly went belly-up in 2009 before the media market started showing signs of life again, and the stock now trades at nearly four times the rock-bottom levels seen back then. Management is busy buying shares with their own money, which is another positive sign for investors. Still, you'd have to be a brave investor or perhaps an avid Global Gains follower in order to expose your portfolio to the murky market waters of Bulgaria, Romania, and the provinces of former Czechoslovakia and Yugoslavia.

Interested in more info on Central European Media Enterprises? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. 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 is investors writing for investors.