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.

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