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 media and entertainment company Starz (NASDAQ:STRZA) jumped as much as 10% today after it released earnings.

So what: Revenue was up 29% from a year ago to $517.4 million on the back of a 5% rise in Starz subscribers. Earnings fell 7% from a year ago to $63.7 million, or $0.52 per share. But no worries, because Wall Street only expected $406.8 million in revenue and $0.42 per share in earnings, so results easily beat expectations.  

Now what: Part of the drag on the bottom line is costs associated with creating original programming. Clearly, investors are looking past that short-term cost to the long-term potential, especially in the streaming market. Shares trade at just 13 times earnings, and I think content is the place to be in media, making this potentially a great buy today.

Interested in more info on Starz? Add it to your watchlist by clicking here.