Don't let it get away!
Keep track of the stocks that matter to you.
Help yourself with the Fool's FREE and easy new watchlist service today.
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 DryShips (Nasdaq: DRYS ) fell 17% today, after the company announced earnings.
So what: Revenue rose 8% in the third quarter, to $342.6 million, helped by drilling unit Ocean Rig (Nasdaq: ORIG ) , but the company still posted a $51.3 million loss, or $0.13 per share. Analysts had expected revenue of $331.5 million, and a much smaller loss of $0.02 per share.
Now what: Weak shipping rates were blamed for the bad numbers, and the bankruptcy of Overseas Shipholding Group yesterday shows just how bad things are. I covered the struggles of ship owners a few months ago and, unless there's a jump in economic activity or a drop in supply, I don't see the conditions changing. I'm avoiding DryShips right now, and wouldn't consider the stock until dry bulk prices at least double from their current levels.
Interested in more info on DryShips? Add it to your watchlist by clicking here.