DryShips Inc. (NASDAQ: DRYS)
DryShips is having an incredibly strong trading session today. Since the opening bell, the stock has traded well into the green. While it did give up some early gains, it looks like it’s spiking higher at the moment. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to DRYS ahead.
What We’re Seeing From DRYS
As mentioned above, DryShips is off to a very strong trading session in the market today. At the opening bell, the stock found itself well into the green. While it did give up much of the gains that it had early on, minutes ago, it started spiking again. At the moment (11:33), DRYS is trading at $5.79 per share after a gain of $0.54 per share (10.34%) thus far today.
Why The Stock Is Spiking
As always, as soon as the CNA Finance team saw that DRYS was spiking, we decided to do some digging to see if we could uncover the reason for the gains. It didn’t take very long, and believe it or not, this run has nothing to do with the Baltic Dry Index or Donald Trump. Today’s move is surrounded by a rumor.
At the moment, we’re seeing quite a bit of chatter surrounding DryShips on social media. According to the social chatter, the company is lining up to be taken over. Now, at the moment, it is just a rumor, and a vague one at there. There’s no word as to who the buyer might be or at what price.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on DRYS. First and foremost, we’ll be watching for any developments in the story about a possible takeover. Also, we’ll be keeping a close eye on Donald Trump’s moves and the Baltic Dry Index, as these have the potential to lead to heavy movement. We’ll keep an eye out and update you if anything changes!
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[Image Courtesy of Wikimedia]