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 Dice Holdings (Nasdaq: DHX) are shooting higher by 19% today, after the company reported fourth-quarter results and provided guidance for 2011.

So what: The online job recruitment company reported mixed results this morning, but investors seem to be warming up to the news. Fourth-quarter earnings results met analyst expectations, while revenue of $37.9 million slightly beat those expectations. Things get trickier in Dice Holdings' first-quarter and full-year guidance; the company predicted higher revenue for both periods, yet earnings estimates fell shy of analyst expectations in both cases.

Now what: For now at least, investors seem willing to forgive a profit-forecasting flub, as long as Dice Holdings enjoys strong growth in job recruitment. Year-over-year revenue exhibited phenomenal growth of 41.9%, so today's move does have some merit. Admittedly, at 61 times trailing earnings after today's move, I'm not nearly as excited about the company's potential for price appreciation moving forward, especially after pricing a secondary offering in December. Dice Holdings is prospering despite high unemployment rates, but its price-to-book valuation simply appears too lofty for my tastes when compared to Monster Worldwide (NYSE: MWW).

Interested in more info on Dice Holdings? Add it to your watchlist.

Fool contributor Sean Williams does not own shares in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong.

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.