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 supply chain service provider UTi Worldwide (UNKNOWN:UTIW.DL) jumped as much as 14% in early trading after the company released earnings.

So what: Revenue fell slightly, to $1.15 billion, and barely came in ahead of estimates. After pulling out severance costs and an added tax expense, earnings per share were $0.08, in line with estimates. 

Now what: Shares have settled to a 6% gain in late trading, because this wasn't really a blowout quarter. In fact, the reaction looks more like relief that things weren't worse, rather than excitement about earnings. UTi is still emerging from a string of regular losses, and is expecting strong earnings growth next year. But I'd be cautious right now, because estimates are falling, and the drop in revenue suggests that the company may not be performing at peak condition.