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 oil and gas operator Hyperdynamics (AMEX: HDY) plunged more than 12% on Friday after announcing the details of its secondary offering.

So what: Hyperdynamics said it would sell 25 million common shares for $5 per share, grossing about $125 million in proceeds. With the offering price representing a 17% discount to the stock's closing price Thursday, Mr. Market is naturally worried that the sale will be highly dilutive to Hyperdynamics' long-term value.

Now what: Hyperdynamics remains just too risky for most investors. Today's below-market offering serves as yet another reminder of the company's still-speculative nature, so longer-term, more risk-averse Fools would do well to keep their distance. Of course, with two and a half times the volatility of the market, Hyperdynamics continues to be an active trader's paradise.

Interested in more info on Hyperdynamics? 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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