Dryships (DRYS) NewsBite - DRYS Sinks After Increasing Notes Offering

Posted: Friday, November 20, 2009 10:05 AM EDT

Dryships (NasdaqNM: DRYS) opened at $6.22. So far today, the stock has hit a low of $6.16 and a high of $6.37. DRYS is now trading at $6.30, down $.24 (-3.67%). Over the last 52 weeks the stock has ranged from a low of $2.72 to a high of $17.35. DRYS shares are declining this morning after the company increased a public offering of convertible senior notes from $300 million to $400 million. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for DRYS. If you are looking for a hedged play on DRYS the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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