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: Investors are jumping back on board DryShips (Nasdaq: DRYS) today after the company reported earnings.

So what: Net voyage revenues fell to $81.7 million from $106.7 million a year earlier, but the company's subsidiary Ocean Rig (Nasdaq: ORIG) made up the slack with revenues more than doubling to $237.7 million. The company reported a net loss of $6.2 million, or $0.02 per share. On an adjusted basis, the company made a profit of $0.07 per share, in line with estimates.

Now what: The trading action was very unusual today with shares dropping 10% and then rising 10% as the day went on. Dry bulk rates are still low, and I don't see a reason to buy DryShips after reporting another loss. If anything, Ocean Rig is more interesting since it has exposure to the exploding ultra-deepwater drilling market without the exposure to dry bulk shipping.

Interested in more info on DryShips? Add it to your watchlist by clicking here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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