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
So what: It's no secret that DryShips is infamous for value-hurting stock sales, so today's seemingly non-dilutive move is a welcome surprise to Mr. Market. For the $500 million, DryShips reduced its ownership in Ocean Rig by only about a fifth, maintaining a 70%-80% stake in the unit.
Now what: I'd be cautious about jumping into the stock at this point. With this double-digit rally, DryShips is now up roughly 40% over the past month alone. While today's capital raise, along with recently improving profits and margins, are certainly positives for DryShips, the likes of Navios Maritime
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