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 electronics manufacturer Fabrinet (NYSE: FN) are plunging today to the tune of 10% on rather ordinary trading volume.

So what: The company just announced a secondary offering of up to 6.9 million shares, which would dilute the share pool by about 20%. The stock isn't falling quite that hard because the new float is coming from "certain selling shareholders" rather than from the certificate-minting presses.

Now what: Fabrinet isn't in dire need of fresh cash, and shouldn't get any from this third-party offering. The only entity reported to own enough Fabrinet stock to come anywhere near backing this sale is former JPMorgan Chase (NYSE: JPM) subsidiary H&Q Asia Pacific, and JP is also underwriting part of the sale. This is an exit strategy after a very successful IPO that has given original shareholders a more than 160% return on their investment.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. The Fool owns shares of JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.