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Ahead of the Bell: DryShips climbs premarket

By Associated Press
May 21, 2008 | Comments (0)

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A Jefferies analyst reiterated his "Buy" rating on DryShips Inc., saying shares of the Greece-based bulk shipper are attractively priced after the company posted better-than-expected first-quarter earnings.

In premarket trading, shares of DryShips rose $2.37, or 2.4 percent, to $101.62.

Douglas Mavrinac praised DryShips in a note to investors for boosting cash flow, acquiring new charter contracts and raising its earnings in the first quarter, adding that shares continue to trade at a discount to its peers.

Late Monday, DryShips said its first-quarter profit rose to an adjusted $4.13 per share. Analysts expected $4.05 per share.

Separately, Oppenheimer's Tim Tiberio said the company exhibited strength in its spot markets and strong fleet utilization, although the results missed his estimates by 4 cents per share.

On Tuesday, shares of DryShips fell $5.75, or 5.5 percent, to $99.25.

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