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) 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.

Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.