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Eagle Bulk Shipping Inc. Message Board

  • sayuthink sayuthink Jan 28, 2013 12:49 PM Flag


    Did somebody rob their Piggy Bank? I don't see any news to cause this upswing?

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    • Did anybody notice the Institutions sold (3,161,880) shares! How can this old tub stay afloat!

    • I'm sure you all have seen this from Motely Fool. Can't see where anything has changed?

      Eagle Bulk Shipping. This stock caught fire on Thursday, rocketing up more than 11%. But I’d chalk that up more to greater volatility since its 1-for-4 reverse stock split last month (a move it had to make to keep its Nasdaq listing)than any positive development for the company or the sector. That’s a bad sign in and of itself.

      EGLE has a crushing debt load of $1.4 billion, with only about $28 million in cash. It posted a widening first-quarter loss of more than $17 million (compared to a $5.8 million loss for the same quarter last year). It also had a lot of expensive new ships delivered in the midst of the shipping glut.

      With a market cap of $49 million (about the price of a single new “capesize” ship), EGLE closed at $3.11 on Thursday — when adjusted for the reverse split, that’s 71% below its 52-week high last July.

      Bottom Line: It will be exceedingly difficult for management to right this foundering ship. As this story points out, another big challenge is short interest of more than 58% on this stock — more than six times higher than its closest peer in that regard. That means a lot of investors are betting on EGLE’s bankruptcy. I’d leave this shipping stock in port.

      • 1 Reply to sayuthink
      • Looks like someone(s) is/are trading the upside, but taking profits at every early AM bounce...

        then ??? someone(s) is/are adding on intraday pullback.

        The candle on the weekly was bullish as of yesterday for EGLE.

        DHT is supposed to report after hrs (not dry bulk, but is in shipping industry).

        SB is still green by 4% at 4.05 after touching intraday high (thus far) of 4.12)

        DSX turned green, then small amounts.

        Traders ? Manipulators ?


        EXM green by about 5%

        Peace Prudence


        Agape ~

    • I don't see any news either, and the rest of the sector isn't moving like this. No clue what's up.

7.72-0.98(-11.26%)12:42 PMEDT