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 Oshkosh Corporation (NYSE:OSK) jumped as much as 14% today after the company reported earnings.

So what: Fiscal-first-quarter revenue dropped 12.6% to $1.53 billion as defense  customers pulled back spending. But management was prepared for lower defense spending and when combined with higher margin sales net income was up 19% to $54.9 million, or $0.63 per share.  

Now what: One interesting note is that management said European demand was stronger than expected and orders are picking up for 2014. That's helped give enough confidence to raise earnings guidance for this year to a range of $3.40-$3.65 per share. That puts shares at most 16.6 times 2014 earnings, which isn't a bad value. I'm cautious given the decline in sales, but overall I think economic strength will allow the company to grow over the long term.

Our top stock for 2014
Looking for a great stock to buy right now? The Motley Fool's chief investment officer has selected his No. 1 stock for 2014, and it's one of those stocks that could make you rich. You can find out which stock it is in the special free report "The Motley Fool's Top Stock for 2014." Just click here to access the report and find out the name of this under-the-radar company.

Travis Hoium 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.