DryShips Inc.: What Sent DRYS Stock Soaring 200%?
DRYS Stock Goes Absolutely Nuts
DryShips Inc. (NASDAQ:DRYS) stock catapulted upward by 215% in a single day following news breaking of the company working with lenders to restructure its bank credits facilities.
Between the proposed debt restructuring and a rise in the Baltic Dry Index (BDIY) suggesting that demand for shipping capacity has started to increase, the stock went crazy and turned from a $12.00 stock in the morning to a $41.00 stock by later afternoon. (Source: “Here’s Why DryShips Inc. Stock Continues to Explode Higher,” The Motley Fool, November 14, 2016.)
Just to put that into perspective, if you had invested $10,000 this morning in DRYS stock, you would have walked away with a profit of roughly $22,300 this afternoon. Not too shabby for a day’s work.
Just a few short days ago, DRYS stock had registered a Q3 loss per share of $7.70.
The gain today is still nowhere near DRYS stock’s heyday, when it numbered in the six-digit range back in the late 2000s. Still, today is a welcome shot in the arm for the beleaguered company. It’s worth noting that the restructuring deal is not yet secure, but it is being actively worked on.
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Stocks of 2016
Another interesting tidbit to DRYS stock tale is the role played by President-elect Donald Trump. In what’s becoming almost standard at this point, Trump is once again implicated in another shift in the markets. We’ve had extensive coverage of the tech stocks that have, for the most part, fallen as a result of Trump. But other areas of the market seem to be sitting just fine with the oncoming Trump administration.