DryShips Inc. (NASDAQ: DRYS)
DryShips is having an incredibly strong day in the market today. As soon as the opening bell rang, the stock started to make a run for the top. Since then, we’ve seen more and more upward movement, bringing the stock into incredibly impressive gains. 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 having an incredibly strong day in the market today. When the opening bell rang, the stock quickly found its way to the green. Since then, we’ve seen a continuation of strong upward movement, bringing the stock to incredible gains for the day so far. At the moment (10:50), DRYS is trading at $4.29 per share after a gain of $0.74 per share (20.85%) thus far today.
Why The Stock Is Headed Upward
As always, as soon as our partners at Trade Ideas informed us of the ongoing run on DRYS, the CNA Finance team started to do some digging to see what was causing such strong upward movement. In this particular case, it didn’t take long to uncover the story. An update from the company seems to be the cause of the gains.
Early this morning, DryShips issued a press release announcing financing and expectations. The company said that it has secured $200 million in financing. On top of that, DRYS is expecting to enter into new agreements with TMS Bulkers and TMS Offshore Services. So the gains are the result of excitement revolving around this update.
What We’ll Be Watching Ahead
Moving forward, the CNA Finance team will be keeping a close eye on DRYS. In particular, we’re interested to see how the funding helps and what happens with regard to the expected agreements. We’ll also be keeping a close eye on the Baltic Dry Index as this dictates movement in the shipping sector. Nonetheless, we’ll keep a close eye on the news and update you as it breaks!
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