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 cigarette manufacturer Vector Group (NYSE: VGR) puffed their way down more than 10% in intraday trading on heavy volume.

So what: The news out today from Vector is regarding the company's private placement of $90 million of its 11% senior secured notes. However, it's hard to believe that's what's driving the stock down. While it's not ideal that the company is raising money at that high of a rate while we're in such a low-rate environment, the company had already told investors this was coming earlier in the week. Additionally, cigarette manufacturers are no strangers to leverage -- others like Altria (NYSE: MO) and British American Tobacco (NYSE: BTI) carry very significant amounts of debt -- and, even so, Vector's cash position means that its net debt is very low.

Now what: Fellow cigarette-industry player Schweitzer-Mauduit (NYSE: SWM) saw its shares also take a hit today -- though its decline came on no news whatsoever. It's probably worth it for investors to keep an eye on Vector to see if something more pops up to justify today's move, but otherwise their best bet is to keep an eye on the company's fundamental value and tune out wild stock swings.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.