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 real estate website operator Trulia (NYSE: TRLA) surged 26% today after its quarterly results and guidance impressed Wall Street.

So what: Trulia's fourth-quarter EPS loss of $0.06 was wider than expected, but a market-topping top-line -- revenue spiked 76% to $20.6 million -- coupled with upbeat guidance for the current quarter reinforces optimism over the improving real estate trends working in its favor. In fact, close rival Zillow, which will report earnings after the close, is also rallying on the news as investors speculate on similarly strong results.

Now what: Management now sees first-quarter revenue of $20.8 million to $21.2 million, representing year-over-year growth of 71% to 74%, while Wall Street expects a top line of $19.3 million. "We finished the year on a resounding note, achieving record quarterly revenue, a rapid increase in mobile traffic, and strong subscriber growth," said CEO Pete Flint. "We are well positioned to grow in 2013 as the real estate market continues its recovery." With the stock busting through its 52-week high today and trading at a forward P/E of 40, however, I'd wait for the enthusiasm to fade before buying into that turnaround talk.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.