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 private education specialist DeVry (NYSE: DV) look good in their cap and gown today, gaining as much as 10.8% on fairly heavy trading.

So what: In the just-reported third quarter, DeVry's revenue jumped 11.6% year-over-year and per-share earnings expanded from $1.12 to $1.32. Both numbers easily bested Wall Street estimates.

Now what: New undergraduate enrollment at DeVry's eponymous chain of schools fell 15.4%, but strength in its Keller school of management, Chamberlain nursing college, and other higher-end services made up for that shortfall. CEO Dan Hamburger calls it a successful "diversification strategy," which is a term I never thought I'd hear applied to this industry. This is more of a comeback than a tour de force: DeVry shares have still lost 20% of their value over the last year, though rivals Apollo Group (Nasdaq: APOL) and Career Education (Nasdaq: CECO) have fared even worse.

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Fool contributor Anders Bylund holds no position in any of the companies discussed here. 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 is investors writing for investors.