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 gaming company Pinnacle Entertainment (NYSE: PNK) rose as much as 10% today after reporting earnings.

So what: Revenue rose 2.8% in the third quarter to $304.2 million, which was just short of estimates. But adjusted earnings per share were $0.30, which was $0.12 ahead of estimates.

Now what: The numbers look good if you're looking only at estimates, but Pinnacle still lost $358,000 in the quarter, and revenue growth was anemic. There's no sign that Pinnacle or most other regional gaming companies are going to see significant growth on either the top or bottom line anytime soon, so I would be cautious about the bounce. Income from continuing operations is actually down year over year, which should garner more attention than how an adjusted number performs against Wall Street's expectation.

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