Rochester,NY 7/3/2009 2:13:55 AM
Mid Day Report - DRYS -3 Reasons to Buy DryShips Today - Sourced WhisperFromWallStreet.com
DryShips, Inc
Mid Day Report - DRYS -3 Reasons to Buy DryShips Today - Sourced WhisperFromWallStreet.com
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DryShips, Inc.DRYS
After Hours: 5.44 Down 0.24 (4.23%) 3:09PM ET
Historically, tumultuous times offer some of the best opportunities to buy stocks, and the market's current mess surely qualifies. The brutal conditions have changed the game in many industries, including the shipping sector, and the volatile conditions have actually given investors many reasons to consider buying shares of dry bulk carrier DryShips (Nasdaq: DRYS) today.
In our Motley Fool CAPS community, 3,009 investors have given a bullish or bearish opinion on DryShips. Poring through the detailed information packed in pitches and other comments, I've dug up three of the top reasons why many members consider the stock a buy today:
1. Increased industry activity: Stalled contract negotiations between Chinese steel manufacturers and suppliers Rio Tinto (NYSE: RTP), Vale (NYSE: VALE), and BHP Billiton haven't completely shut off the importation of iron ore to China. Buyers have been turning to the spot markets and spurring a surge of iron ore and coal imports. The increased activity has sparked demand for dry bulk shippers and driven Capesize dry bulk rates to multiply over the past several months.
About
DryShips Inc. engages in the ownership and operation of drybulk carriers worldwide. Its fleet carries various drybulk commodities, including coal, iron ore, grains, bauxite, phosphate, fertilizers, and steel products. As of March 26, 2009, the company owned and operated a fleet of 40 drybulk carriers comprising 7 Capesize, 29 Panamax, 2 Supramax, and 2 newbuilding drybulk vessels, which have a combined deadweight tonnage of approximately 3.3 million. It also owned and operated two ultra-deep water semi-submersible drilling rigs and two ultra deep-water newbuilding drillships. The company was founded in 2004 and is based in Athens, Greece.
Last Trade: 5.43
Day's Range: 5.40 - 5.53
52wk Range: 2.72 - 81.49
Volume: 8,892,093
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