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 recruiting specialist Korn/Ferry (NYSE: KFY) were getting fired by investors today, falling by as much as 12% in intraday trading after announcing fiscal second-quarter earnings.

So what: During the quarter, Korn/Ferry's revenue rose 8.7% from last year and operating income, on an adjusted basis, climbed 16%. However, the company's adjusted earnings per share fell 3% to $0.32, missing the $0.34 target that Wall Street analysts had set.

On the bright side, revenue for the quarter was above expectations and the adjusted operating margin rose to 12.7% from 11.8% last year. On the executive recruitment side of the business, engagements billed and new engagements were up 14% and 3%, respectively.

Now what: In its reaction to earnings announcements, the market often focuses itself on simply whether a company hurdled or missed Wall Street's earnings expectation. For Kern/Ferry, the quarter was certainly a disappointment in that frame, but in a yet-tough economy, the quarter doesn't look overly poor. However, the company added further to investors' pessimism by projecting earnings for the next quarter between $0.25 to $0.33, below the analyst-expected $0.35.

The economy is clearly taking the wind out of Korn/Ferry's sails right now, but Foolish investors will be best served by looking at the big picture rather than simply being quick on the trigger in today's sell-off.

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Fool contributor Matt Koppenheffer has nofinancial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter, @KoppTheFool, or on Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.