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 Kenexa (Nasdaq: KNXA), which makes software for managing human resources, are jumping for joy today -- as high as 15.2% on more than 10 times the average trading volume.

So what: The company just announced a secondary stock offering of 3 million shares. News of nearly 15% dilution is rarely seen as a reason to celebrate, but this is not your average share-printing panic attack.

Now what: Kenexa jumped on a terrific earnings report a couple of weeks ago, just as main rival Lawson Software (Nasdaq: LWSN) prepared to go private. I was moved to note that Kenexa picked a great time to hit its stride. This cash infusion will go a long way toward striking while the iron is hot.

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