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 dry bulk transport company Safe Bulkers (NYSE: SB) fell 10% today after the company priced a public offering of shares.

So what: The company is selling five million shares to investors at a price of $6.50 per share, for gross proceeds of around $32.5 million. The underwriters have an option to purchase another 750,000 shares in the next 30 days.

Now what: Management said the money will be used for vessel acquisitions, capital expenditures, and other general corporate purchases. The move down today was really just to align the share price with what investors could buy in this offering. The stock is now trading a couple cents higher than the offer price, an indication that this price is very close to what investors think is the fair value of shares, and accounts for the dilution that existing shareholders got from the offering.

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