SEANERGY MARITIME Common Stock (NASDAQ: SHIP)
SEANERGY MARITIME looks like it is going to have an incredible day in the market today. While the opening bell has yet to ring, the stock is already showing some impressive movement in pre-market trading. Below, we'll talk about what we're seeing, why, and what we'll be watching for with regard to SHIP ahead.
What We're Seeing From SHIP
As mentioned above, SEANERGY MARITIME is looking like it's going to have an overwhelmingly strong day in the market today. At the moment, the market isn't open quite yet. However, the stock is already trading on impressive pre-market gains. Currently (9:21), SHIP is trading at $1.50 per share after a gain of $0.20 per share (15.38%) thus far today.
Why The Stock Is Headed Up
As always, when our partners at Trade Ideas informed us that SHIP was making a run for the top, the CNA Finance team started digging to see exactly what it was that was causing the movement. In this particular case, it took a bit to piece together the story. At the end of the day, there has been no fundamental news released about SEANERGY MARITIME that would suggest such large gains would be on the way. Nonetheless, we did find something.
Yesterday, DryShips made a run for the top after announcing $200 million in funding and planned partnerships with two other shipping companies. For some time now, when DryShips runs upward, the rest of the shipping sector tends to follow. With strong gains on DryShips yesterday, it makes sense that shipping sector investors are becoming excited. Ultimately, this is what's pushing SHIP upward.
What We'll Be Watching For Ahead
While I hate to say this, I'm watching for steep declines in the shipping sector as a whole. While the DRYS news was positive, the Baltic Dry Index is falling. This generally signals bad news for the shipping sector in the market. Nonetheless, we'll keep an eye on the news and bring you the story as it breaks!
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