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 dry-bulk shipper DryShips (Nasdaq: DRYS) surged 10% in early Friday trading on news that its Ocean Rig UDW subsidiary will raise about $500 million in a private stock offering to finance the building of new drillships.

So what: It's no secret that DryShips is infamous for value-hurting stock sales, so today's seemingly non-dilutive move is a welcome surprise to Mr. Market. For the $500 million, DryShips reduced its ownership in Ocean Rig by only about a fifth, maintaining a 70%-80% stake in the unit.

Now what: I'd be cautious about jumping into the stock at this point. With this double-digit rally, DryShips is now up roughly 40% over the past month alone. While today's capital raise, along with recently improving profits and margins, are certainly positives for DryShips, the likes of Navios Maritime (NYSE: NM) and Genco Shipping (NYSE: GNK) -- whose shares are both down 10% over the past month -- represent safer bets for my money.

Interested in more info on DryShips? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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