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: Did you think the old Ma Bell had been virtually reconstituted with AT&T's (NYSE: T) bid for T-Mobile? Think again. Even leaving Verizon (NYSE: VZ) aside, there are still a few pieces of Ma scattered here and there, and one of them is worth 11% more now than then -- "then" being yesterday.

So what: Cincinnati Bell (NYSE: CBB) is its name, and providing fixed and wireless communications is its game. The Ohio-based telecom reported an 11% rise in revenue last night and a 12% rise in "adjusted EBITDA."

Now what: That sounds pretty good, but remember to read the fine print on your wireless agreement. While C-Bell claims to have earned adjusted earnings before interest, taxes, depreciation, and amortization of $530 million, the devil is in the BITDA details. Ex-out the ITDA, and C-Bell actually netted only $0.08 per share in GAAP profit, down 20% from last year -- and a mere $5 million in free cash flow.

What that means is that this $640 million telecom, pegged for 2.5% long-term growth, is selling for about 27 times GAAP earnings today. It's a bit cheaper when valued on free cash flow (5.3). But considering that, unlike its larger telecom siblings, C-Bell doesn't pay any dividend at all, it's still no bargain for the growth rate.

Want to learn more about Cincinnati Bell? Add it to your watchlist.