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: Petroleum Development (Nasdaq: PETD) shares fell 10% today after the company increased capital spending outlook and said it would raise more capital.

So what: 2011 capital expenditures are now expected to be $260 million to $300 million, well above the $150 million budget for 2010. The company will also sell 3 million additional shares and $100 million in convertible notes.

Now what: Not a great day for shareholders who will be diluted by the offerings, but there could be a silver lining. The company expects production to be up 20%-25% in 2011, with about one-third of that production coming from oil and natural gas liquids. Still the dilution is enough to convince me to stay away from the stock today.

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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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