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: Global Hunter Securities initiated coverage on the company with a buy rating, causing a frenzy in early trading. The euphoria didn't last long, and shares are now up only about 3% on a day when the market is also up nicely.
Now what: At The Motley Fool, we don't take analyst upgrades too seriously. I certainly wouldn't buy into this pop because of an upgrade, and with dry bulk rates still depressed, I would be hesitant buying the stock at any price. The company's biggest asset is a majority stake in Ocean Rig
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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