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 Boyd Gaming (BYD 0.79%) jumped a whopping 24% today after the company reported earnings.

So what: Revenue rose 16% to $737 million, which was ahead of the $734.3 million estimate. On an adjusted basis the company made a penny profit per share versus an expected loss of $0.07.  

The growth figure looks impressive but it was driven entirely by the acquisition of Peninsula Gaming. In fact, Boy's four main operating regions all saw revenue declines in the quarter.  

Now what: An earnings beat is always a welcome sign to investors but I'm not seeing many positives in this report. Organic revenue growth is negative and the company still isn't making a significant profit. I'd sell on the bump and move on to higher quality gaming companies.

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