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 broadcaster Central European Media Enterprise (Nasdaq: CETV) jumped 10% this morning after the company released earnings.

So what: First-quarter revenue rose 20% to $172.8 million and easily past estimated revenue of $161.6 million. Operating profit before depreciation and amortization was $14.2 million in line with expectations.

Now what: Management is "confident that all our TV advertising markets will grow in 2011." The company is still reporting a loss from continuing operations, which I would like to see turn around before buying the stock. I'll stick to the sidelines for now and wait to see if operational momentum continues.

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