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 staffing agency ManpowerGroup (NYSE:MAN) jumped as much as 11% in early trading after reporting first quarter earnings.

So what: Revenue fell 6%, to $4.77 billion, and net income fell 41%, to $23.9 million, or $0.31 per share. On an adjusted basis, earnings were $0.63 per share, which easily cruised past the $0.45 estimate from Wall Street. Management also expects second quarter earnings per share to be between $0.84 and $0.92 versus the current $0.77 estimate. 

Now what: The expectations were set extremely low, which is why declining revenue and profit can surprise investors on the high side. Shares have fallen back to just a 4% gain near the end of trading, which is a little surprising given the large margin of the earnings beat. I think shares can move higher on strong earnings momentum and, in the second half of the year, the job market will pick up again.

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Fool contributor 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.