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 oil and gas producer Energy XXI (NYSE: EXXI) plunged as low as 11% today, one day after it announced it would be raising money in a public offering.

So what: Yesterday, management announced the sale of 9.5 million shares of its common stock and 800,000 shares of convertible preferred stock. Naturally, Mr. Market is worried that the capital-raise will be highly dilutive to current shareholders.

Now what: I'd consider looking into today's plunge as a possible opportunity. Just like its Gulf of Mexico partner McMoRan Exploration (NYSE: MMR), Energy XXI has highly attractive reserves but also very high debt levels. With management looking to use the proceeds to significantly strengthen its balance sheet, today's short-term hit might be a small price to pay for more secure long-term production.

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