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 CVR Refining LP (NYSE:CVRR) fell as much as 10% today after pricing an offering of shares.

So what: After the market closed yesterday, CVR Refining announced it was selling 6 million common units in its limited partnership and today it upped that figure to 6.5 million units plus potentially 975,000 more if the underwriters' option is exercised. The units have been priced at $26.07 and shares have obviously fallen well below that figure today.  

Now what: The offering will be used to buy shares back from CVR Refining Holdings, LLC, who owned 71% of the company before this offering. In essence, CVR Refining Holdings, LLC is really just selling shares to the public, which isn't seen as a good sign by investors because it's the largest shareholder. I don't really see a reason to change your investment thesis but keep an eye on the company's performance because large shareholders selling can be a warning sign for investors.