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 Hawaiian bank Central Pacific Financial (NYSE: CPF) plummeted 20% on Wednesday as its recently issued shares saw their first day of trading.

So what: As part of a $325 million capital raising program, Central Pacific recently issued 18.5 million common shares to private investors at a bargain price (relative to its market value) of $10 per share. Of course, when you couple that steep discount with the additional supply of shares, it's no surprise those very same investors are taking the very first chance they've had to take profits.

Now what: I wouldn't be so quick to pounce on today's plunge. Even with the 20% correction, Central Pacific still trades at a 50% premium to the price of the private placement. Given Central Pacific's own warning that "existing shareholders interests will be substantially diluted and the market price of our common stock may decrease to a level at or below the purchase price in the Private Placement," plenty of downside remains.

Interested in more info on Central Pacific? 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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