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 career website operator Dice Holdings (NYSE: DHX) were on a roll today, gaining as much as 17% in intraday trading.

So what: I'll admit it -- I'm scratching my head on this one. Dice announced late yesterday that it priced a secondary stock offering of 10.9 million shares at $10.75 per share. That doesn't sound like party-till-you-drop news to me. Granted, the majority of the sales weren't new shares, they were being sold by big insider holders like General Atlantic and Quadrangle Group. But still, if they're happy reducing their stake at $10.75, I'm not quite sure why investors are rushing to get in at a price greater than $13. I'd say that at best, today's news is neutral.

Now what: Since most of the shares being sold in this offering are simply passing from one investor to another, the sale doesn't really alter the fundamentals of the company -- though it may say something about how insiders view the fundamentals. Investors would probably be best off taking a pass on today's oddly jubilant reaction, and instead digging into Dice's financials and valuation to figure out whether it's really a good investment at this price.

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Fool contributor Matt Koppenheffer does not own shares of 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 his RSS feed. The Fool’s disclosure policy assures you no Wookiees were harmed in the making of this article.