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 broadcaster Central European Media (NASDAQ:CETV) ("CME") were picking up static today, falling as much as 19%, after a troubling earnings report.

So what: Like many businesses in Europe, CME is struggling, as its net loss of $32.6 million in the quarter clearly shows. A small adjusted profit was still far below forecasts. CEO Adrian Sarbu echoed the disappointment of investors, saying:

Our third quarter results indicate that our markets are not recovering. In the second half of 2012 advertising spending has not matched our expectations.

Sarbu's later announcement on the earnings call that the company was looking at options to improve liquidity through equity financing and asset sales only added further to the concern.

Now what: Europe seems pretty much off-limits until the situation improves, and CME shows a good reason why. Revenues declined 15% from a year ago, though much of that was due to currency translation, and its operating loss grew by 42%. With shares down nearly 50% since May, some observers might see an eventual turnaround play, but I'd stay away.

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