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 Chinese advertising specialist Focus Media Holding (Nasdaq: FMCN) climbed as much as 10.5% Wednesday after its quarterly results topped Wall Street's expectations.

So what: On a 44% jump in revenue, Focus Media said it swung to a profit of $47.2 million, or $0.33 per share, versus a loss in the year-ago period of $57 million, or $0.42 per share. Driven by a steadily improving advertising market in China, the results mark Focus Media's third straight quarterly profit after an ugly string of six consecutive quarters of losses.

Now what: Management expects that operating momentum to continue into 2011. In fact, Focus Media managed to top Wall Street's estimates for the current quarter as well, forecasting earnings of $36 million to $38 million on core revenues between $122 million and $124 million. With such attractive top-down and bottom-up trends working in its favor, Focus Media is certainly worth looking into.

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