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: The company just released second-quarter results, showing revenue and adjusted earnings well below Street estimates. That said, the deep plunge was brief: Share prices quickly bounced back to a less terrifying 4% overnight swoon, and the stock has gained a market-beating 11% over the past week.
Now what: DryShips has never been a particularly shareholder-friendly company, with the ownership structure set up to benefit CEO George Economou more than regular shareholders. The ongoing process of spinning off oil-drilling subsidiary Ocean Rig UDW as a share dividend to stockholders might temper that image somewhat. But the company remains scary, and the shipping sector as a whole looks no better than the perennially troubled airline industry these days, and that includes higher-quality operators Diana Shipping
Interested in more info on DryShips? Add it to your watchlist.
