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 Kenexa (Nasdaq: KNXA), which makes software for managing human resources, are jumping for joy today -- as high as 15.2% on more than 10 times the average trading volume.

So what: The company just announced a secondary stock offering of 3 million shares. News of nearly 15% dilution is rarely seen as a reason to celebrate, but this is not your average share-printing panic attack.

Now what: Kenexa jumped on a terrific earnings report a couple of weeks ago, just as main rival Lawson Software (Nasdaq: LWSN) prepared to go private. I was moved to note that Kenexa picked a great time to hit its stride. This cash infusion will go a long way toward striking while the iron is hot.

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

Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.