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 shipper DryShips (Nasdaq: DRYS ) jumped 11% in early trading after coverage was initiated by an analyst.
So what: Global Hunter Securities initiated coverage on the company with a buy rating, causing a frenzy in early trading. The euphoria didn't last long, and shares are now up only about 3% on a day when the market is also up nicely.
Now what: At The Motley Fool, we don't take analyst upgrades too seriously. I certainly wouldn't buy into this pop because of an upgrade, and with dry bulk rates still depressed, I would be hesitant buying the stock at any price. The company's biggest asset is a majority stake in Ocean Rig (Nasdaq: ORIG ) , but if you want exposure to that, you should just buy the company's shares instead of DryShips.
Interested in more info on DryShips? Add it to your watchlist by clicking here.