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.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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