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 Knightsbridge Tankers
So what: Yeah, OK, not literally. But the market is taking a beating today for reasons that have little do with Knightsbridge. China's surprise trade deficit and Spain's debt downgrade shook investors who had taken comfort in the idea that we're in the midst of an economic recovery.
Now what: Knightsbridge, for its part, is in the business of shipping oil and dry bulk goods. Broad economic weakness or serious disruptions in the oil markets would have an impact. Investors seem to believe either is a possibility.
Either that, or they're just dumping an 8% yielder on a day where traders and Big Money investors alike are dumping everything short of this caffeinated champ.