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 8x8, (NASDAQ:EGHT) finished down 7% today after the voice over Internet Protocol specialist announced a secondary stock offering to fund its acquisition of Voicenet Solutions for $18.4 million.

So what: Voicenet Solutions is one of the leading providers of VoIP communications in the U.K., but the additional stock offering will raise about $125 million for the tech company, far more than the $18.4 million needed to buy Voicenet, so there seem to be other cash needs aside from the acquisition. In its press release announcing the stock sale, 8x8 made no reference to its intentions for the additional funds, but the sale will dilute current shareholders by about 15% so today's significant drop in share price seems understandable.

Now what: Seeing as shares had gained 75% since March before today's fall, the timing of the secondary offering seems understandable. Shares have jumped nearly 2,000% since the recession, but they've crashed before. 8x8's balance is strong, and profits are growing. I'd expect more potential acquisitions with the upcoming cash infusion. This could be a good opportunity to buy on the dip.