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 poultry producer Pilgrim's Pride (NYSE: PPC) jumped 10% today, a day after the company announced the pricing of its debt offering.

So what: The company is selling $500 million of notes at 7.875% interest for 99.3% of face value. The proceeds will be used to pay down bank debt and was increased from the $350 million offering initially announced.

Now what: The market has reacted positively to the increased offering, and the 2018 maturity gives the company some long-term financial certainty. The poultry business has had a rough year, and the market is clinging to any bit of good news it can find. I would like to see some continued financial improvement before jumping in, but this is a step in the right direction for Pilgrim's Pride.

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