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: Noranda Aluminum (NYSE: NOR) shares dropped as much as 15% after the company announced a secondary share offering.

So what: On a day when metals stocks are down, Noranda is being punished especially hard for selling more shares, diluting existing shareholders. The company will raise as much as $140 million and plans on using the proceeds to pay down a portion of its $533 million debt load.

Now what: COO Kyle Lorentzen will also be leaving the company, but today investors are most concerned about their share dilution. While I can't blame management for wanting to reduce debt, it still isn't great for investors to have more shares outstanding. With aluminum companies and the general market trading lower today, I'm inclined to sit out this move.

Interested in more info on Noranda Aluminum? Add it to your watchlist by clicking here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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