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 Central European Media Enterprises Ltd. (NASDAQ:CETV) jumped as much as 13% today on a strong first-quarter earnings report.

So what: The broadcaster said revenues increased 15.3% to $153.1 million, and its net loss per share improved from $1.23 in the quarter a year ago to $0.33. Analyst estimates were unavailable. Co-CEO Michael Del Nin said the quarter demonstrated "tangible results from our operating priorities," such as increases in TV ad revenue, allowing the company to focus on driving profitability throughout the remainder of the year.  

Now what: Looking ahead, management said it expected operating income before depreciation and amortization (OIBDA) to swing from a loss last year of $46.5 million to $80 million-$90 million this year. That should give the company an operating income in the $40 million-$50 million range for the year, a sizable profit for a business with a market cap of just $400 million. The stock has crashed since peaking before the recession, but today's guidance is certainly a step in the right direction. Shares could move higher as we get more evidence of a return to profitability.