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 billboard giant Lamar Advertising (Nasdaq: LAMR) were displaying hefty gains today, rising as much as 14% in intraday trading after the company reported second-quarter results.

So what: There wasn't much that was too surprising about the numbers in Lamar's second quarter. The company's revenue, which was up 4% from last year, did edge out analysts' expectations, but earnings per share of $0.15 were right in line with estimates. That $0.15 tally was up 25% from $0.12 last year.

On the downside, Lamar's third-quarter revenue forecast was a range between $303 million and $306 million. The Wall Street consensus was $307 million.

Now what: What likely has investors bidding up shares, however, was Lamar's disclosure that it's considering electing to be treated as a real-estate investment trust, or REIT. The move -- if approved by the U.S. Internal Revenue Service -- could have favorable tax consequences for the company. For investors, it could mean more cash coming their way, as REITs are required to pay out 90% of their profit.

Want to keep up to date on Lamar Advertising? Add it to your watchlist.