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 regional telecom Cincinnati Bell (NYSE: CBB) dialed up gains as large as 10.4% today on above-average trading volume.

So what: CFO Kurt Freyberger gave a presentation this morning at the UBS Media and Communications Conference which seems to have impressed investors. Freyberger took pains to underscore the importance of data center colocation to his company's future, hitting a ton of hot-topic keywords in the process.

Now what: This is an unusual telecom stock because it's based on business growth rather than a nonexistent dividend policy. You might buy Verizon (NYSE: VZ) for its 5.3% payout or Frontier Communications (NYSE: FTR) because of the 13.5% yield, but Cincinnati Bell is reinvesting its operating cash flows into growing the business instead. This five-star CAPS stock is too busy building the perfect cash machine to start paying investors quite yet.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.