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 Chinese solar company JinkoSolar (NYSE: JKS) were dim today as they fell as much as 11% in intraday trading.

So what: The "news" today for JinkoSolar is non-news to some extent. The company announced the closing of $125 million in convertible notes. The notes were sold right in alignment with the pricing announced last week -- a conversion price of $33.75 and an interest rate of 4%. So why the stock drop? At least part of it may be due to bond buyers shorting the stock to take on a convertible arbitrage strategy. As selling -- particularly for smaller stocks like Jinko -- can be contagious, arbitrage-related selling may have been joined by other sellers who were simply concerned that the stock was falling. The move isn't a particularly strong one though -- as of this writing, the day's volume has yet to hit the stock's three-month average.

Now what: Today's move looks to be one primarily related to market mechanics as opposed to the underlying value of the company. Analysts are expecting that growth is set to stagnate for Jinko over the next couple of years, but the market seems to be overprepared for that possibility as shares are currently trading at 4.6 times expected 2011 earnings.

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