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 LyondellBasell Industries (NYSE: LYB) jumped 11% after the company announced a debt buyback.

So what: The company announced today that it was beginning a tender offer to buy back up to $1.47 billion of 8% senior secured notes and up to $1.32 billion in 11% senior notes. The company has $4.69 billion in cash and is also planning on paying a special dividend of $2.6 billion.

Now what: Management is obviously putting its cash to use, but this doesn't leave a lot of cushion for a rainy day. Investors are seeing this as a big bullish bet on the company's future as the chemicals industry recovers from a downtrend. I'm not a buyer today, but if shares dip in coming weeks it may be a nice time to start picking some up.

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