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: MF Global Holdings (NYSE: MF) dropped 12% in intraday trading today after reporting earnings that were much better than expected.

So what: First fiscal quarter non-GAAP EPS of $0.10 was double the $0.05 consensus estimate. GAAP EPS was $0.05, compared to $0.01 in the year-ago quarter. Revenue grew 9% year over year, while revenue per employee grew 18%.

Now what: Former Goldman Sachs (NYSE: GS) CEO Jon Corzine was brought in last March to turn the company around. Revenue from principal transactions more than doubled year over year to account for 37% of revenue as the company took on more risk. Corzine cited diversification of revenue streams, expanded trading capacity, upgraded talent and infrastructure investments for the improvements and stated, "We believe the depth and breadth of our transformation will continue as we enhance our capital markets offering, focus our global retail services, and more effectively organize our prime services capabilities."

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