DRYS is dry bulk but it also has large oil tankers. Tanker rates have shot up because places like China are storing oil and need tankers. Also, DRYS always had the negative of constant dilutions but they just had a secondary in October so that threat is off the board.
It would have to be BABA. Two weeks ago I was long SINA and sold half of it and rolled it into WB. Not a good move. Fortunately i added WB at $14.11 and then dumped the add at $15.50 on friday. My original thinking was that BABA would start adding WB since it had fallen well below the offering price. Given where SINA is trading, probably makes more sense to just buy SINA. More than likely its just technical trading since volume in both has been very light. SINA bouncing off lows and WB trending down based off end of year tax loss selling.
I actually did the same thing except that i bought DRYS at 79 cents. Not a fan of DRYS but thought it was very oversold considering that their massive secondary was priced decently higher. Out now too. BTU should start to rally into the New Year. Still surprised that this has gotten smacked today (not that it sold off but by the magnitude)
Not insignificant but really not very meaningful. This stock is a call option and its traded 18 million shares today and its only half way over.
I bought at $15.10 then added at $14.22. Also own SINA and looking for a bounce in both after all the tax loss selling is done. I don't think we will see a squeeze in this until after the New Year but who knows. This is not a stock i would want to short because of its low float. Way way too easy for a hedgefund to push this stock around knowing that SINA and BABA are holding on to their shares.
BTW, look at the call option volume for SINA. Tons of calls being bought in both the weekly and Jan expiration.
I agree with you. And the secondary was announced back in October. Since then Oil has continued to crater and the dry bulk index has gotten destroyed. ORIG has lost 50% of its value. So if anything, DRYS should be worth less than the secondary price. One positive though is tanker rates moving on up. Have to balance that out too.
Totally meaningless. Open interest is only 5000 contracts which is nothing in an 80 cent stock which trades over $12 mil. shares a day. Why would you buy options here when the stock itself is essentially a call option with a much much tighter spread. Plus their is no decay.
I actually pulled the trigger. Earlier than you though at $15.10. Buyers will come in after the New Year. Saving some bullets if this continues to be weak.
Lots of technical selling and lots of tax loss selling. Once the previous low broke, the bots started selling. Buying interest will probably happen after the New Year. I actually bought today at $15.10
This time i agree with you. I am watching WB and looking to get in. $15.43 is getting close to the purchase price for Baba when they exercised their option to buy more WB (earlier this year)
Really low float. Close to 90% held by those two. I am in SINA which seems to have bottomed and looking to get into WB. Been watching the stock drift down on low volume the past few weeks. RSI is close to 20 so oversold conditions right now.
Well that's my point. It's indiscrminant selling. Lower bunker prices are clearly good for Voyage chart. and those companies are being sold off too. For time charters like DSX, activity generally picks up. It doesn't happen immediately but it should. Margins for the Charterer can go up because the drop in bunker fuel prices offsets the drop in whatever commodity they want shipped. Now i would agree that some commodities are being smashed and charterers will probably hold off for the time being but i think all the selling in the BDI and the consequently in the dry bulk stocks, is an overreaction.
And proven management. DSX guys have been very patient during this down cycle. They waited and let prices fall before adding to their fleet. And nobody is giving any credit to any shipper for the nosedive in bunker fuel prices (down 30% since Aug)
Low float. Only 38 millions shares outstanding vs 80 million. Market caps are both just a tad over $500. But yo'rer right, why own EGLE when you can own DSX.
Only for that day it didn't make sense. Dollar-Yen is over 121 now and that is killing us. We have lost over $3 in currency risk in the last month alone. No end in sight either for Dollar-Yen. On it's way to at least 125 if not higher.
It's not games, it's real money. Those computers are making money hand over fist. There are no big buyers of this stock. This stock is breaking down and everybody knows it. Shorts can sell at will because they know there are no positive catalysts for this stock until early 2015. The technical picture of this stock is presently just horrendous. I added down here which is a mistake. It's probably better to wait until this turns back up and then add. The problem is when stocks like this turn, they turn really fast.