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 flavor ingredients maker Senomyx (NASDAQ:SNMX) jumped as much as 10% today after adjusting its rights agreement.

So what: The company disclosed today that it has changed its rights agreement to allow RIMA Senvest Management and affiliates to acquire up to 19.9% before becoming an "Acquiring Person." Companies often put limitations on shareholders to make buyouts more difficult, and this adjustment will allow Senvest to acquire more shares without hitting that threshold.  

Now what: While this will allow Senvest to buy shares, it doesn't change the fundamental business, and the pop will likely die off when traders forget about this move. I also don't see the likelihood of a buyout increasing because of this move. Long term, this is likely just noise, and I don't see a great reason to change your long-term investment thesis because of the rights agreement adjustment.