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 CTC Media (NASDAQ:CTCM.DL) gained as much as 11% and finished up 4.5% after reporting earnings this morning.

So what: The Russian broadcaster said profits grew 9% to $0.20 per share, better than estimates of $0.17, as the company was aided by lower operating expenses and a drop in its tax rate. On a dollar basis, revenue fell 4.7% to $186.3 million, beating estimates at $180.2 million, as sales were actually up 10% in constant currency.

Now what: Also assuaging investor concerns was CTC's statement that it is complying with economic sanctions imposed on the parent of a large shareholder, Telcrest Investments, which owns a 25% stake in the company. The ongoing sanctions certainly add risk to an investment in CTC, which runs three free-to-air entertainment stations in Russia and could sublicensing revenue from Ukrainian stations affected by the political situation. Shares had been trading at a 52-week low before today's report, so the effect of the sanctions seem to already be baked into the price. CTC also said Its new CTC Love station had a successful launch at the beginning of the month, which should help boost numbers going forward. Throw a 7% dividend yield and a low P/E into the mix, and I wouldn't be surprised to see shares continuing to move away from 52-week lows.