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 Nordic American Tankers (NYSE: NAT) were taking on water today, falling 10%, after the company announced a share offering.

So what: In a move that the company says puts it in a position for future growth, 5.5 million shares are being offered to investors. The underwriter will be selling shares "from time to time in negotiated transactions or otherwise, at market prices."

Now what: Management may be trying to spin this as a growth opportunity, but tanker companies are barely operating above cash costs right now so the company really needs the cash cushion. It has been taking out more debt to stay afloat recently, but management thought now was a good time to shore up its long-term finances further. I'm not rushing to buy this discount, because I still have questions about rates in a tanker business that has been pummeled in recent years.

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