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.