TOP SHIPS Inc (NASDAQ: TOPS) is having an incredibly strong start to the trading session in the pre-market hours this morning after the company announced the successful completion of sea trials and a delivery date surrounding a vessel that is coming soon. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The news;
- what we’re seeing from TOPS; and
- what we’ll be watching for ahead.
TOPS Announces News
As mentioned above, TOP SHIPS is having an incredibly strong start to the trading session this morning after the company announced news with regard to a vessel that is coming soon. In a press release issued early this morning, TOPS announced that the sea trials surrounding its newbuilding vessel M/T Eco Palm Desert have been completed successfully. The company also said that it has received a delivery date, when the vessel will be delivered from the Hyundai shipyard. In the release, TOPS said that it expects for this date to be September 7th.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of TOP SHIPS, the news proved to be overwhelmingly positive. After all, a new ship coming within the next couple of months means that revenue could be on the rise relatively soon. So, it comes as no surprise to see that excited investors are pushing the stock toward the top in the market this morning. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:54), TOPS is trading at $0.99 per share after a loss of $0.070 per share or 7.60% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on TOPS. In particular, we’re interested in following the story surrounding the delivery of the new vessel and the revenue it generates. However, it’s also worth mentioning that the company has a history of death spiral financing and moves that are horrible for investors. We’ll be watching to see if this changes. Nonetheless, we’ll continue to follow the news closely and bring it to you as it breaks!
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