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 Trulia (UNKNOWN:TRLA.DL) have risen over 14% today after the company delivered a decent earnings report paired with strong forward guidance.

So what: The housing-research site reported revenue of $24 million, a 97% increase over the year-ago period and above Wall Street's $21.1 million consensus. However, a $0.02 loss per share came in below the consensus estimate of a $0.01 loss. Despite that whiff, Trulia now expects second-quarter revenue in the range of $27.3 million to $27.7 million, which comes in well ahead of the $24.5 million consensus. Trulia enjoyed 52% year-over-year growth in monthly unique visitors to a new total of 31.4 million, a 122% increase in mobile monthly unique visitors, and a 42% year-over-year increase in subscribers, to 27,920, bringing in about $187 per subscriber, which was a 46% year-over-year improvement. Big growth from tiny starting points all around!

Now what: Trulia is worth $1 billion today. Think about that. It is worth over 10 times its forward annual sales and is not without competition in the housing-research website field. Sure, the stock might keep going up -- but to be even close to fairly valued, the company would need to grow at an even faster rate than this. Right now, this resembles nothing so much as a tiny little echo of the dot-com bubble.

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