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 container ship operator Danaos (NYSE: DAC) sank 10% on Friday on extraordinarily high volume.

So what: At the time of publication, more than 315,000 of Danaos shares have already changed hands, versus its average volume of just 76,000 shares. I can't pinpoint any specific news driving today's sell-off, but when you couple the stock's massive 80% run-up over the past three months with its beta of 1.9, a double-digit drop on a "down" market-day shouldn't come as a huge surprise.

Now what: I wouldn't be so quick to buy into today's sell-off. While its young fleet and strong cash flows are certainly positives, Danaos still sports a rather sobering debt-to-equity of 764%. For investors looking for exposure to the container ship space, less-levered, less-fiery stocks such as Seaspan (NYSE: SSW) and Global Ship Lease (NYSE: GSL) just seem like safer bets going forward.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Motley Fool Options has recommended a written covered strangle position on Seaspan, and the Fool owns shares of it. Try any of our Foolish newsletter services free for 30 days.

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