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 Russian broadcaster CTC Media (Nasdaq: CTCM) fell more than 12% in early trading on worse than expected third quarter results. Management also warned that some ad inventory could go unsold in Q4.

So what: Revenue grew 12% on a non-GAAP basis to $159.6 million, yet that didn't aid profits. CTC booked just $0.10 a share of earnings, down 38% year over year. Analysts were looking for $0.13 a share of profit on $164.3 million in sales, according to data compiled by Yahoo! Finance.

Now what: But that's not the worst part. In September, CTC lowered its full-year revenue growth target to 15% in ruble terms. Now, thanks to lower advertiser demand, management is targeting 9% to 11% growth. Does the slowdown bother you? Or would you buy shares of CTC Media at current prices? Please weigh in using the comments box below.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He owned shares of Apple at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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