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 FuelCell Energy, Inc. (NASDAQ:FCEL) dropped as much as 21% today after announcing the pricing of a stock offering.

So what: The company is offering 22 million shares of common stock to investors for $1.25 per share and potentially another 3.3 million if underwriters use their overallotment option. Proceeds will be $26.0 million from the 22 million offering and up to $30.1 million if the overallotment is exercised in full.

Now what: This will further dilute shareholders and it's worth noting that the offering was priced 24% below yesterday's closing price. That's an unusually low level, but probably has a lot to do with the stock's gain so far in 2014. It's difficult to price an offering for a volatile stock like this, so while I think the price was low, investors should be more concerned about the balance sheet and continued need to ask for more cash. That dilutes shareholders, and I'm leery of buying into a high-potential company like FuelCell until it can generate enough cash flow to fund continued operations.