DryShips (DRYS): One Of The Greatest Day Trading Stocks, Ever
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Most investors have never heard of DryShips (DRYS), and almost no one knows what the company does. Its market cap is only $325 million.
The firm operates drybulk carriers and has a fleet of 46. DryShips is based in Athens.
Recently the company faced being in breach of its debt convenants. DryShips is trying to sell $500 million in shares. When that news came out, several brokers, including Credit Suisse, dwongraded that stock.
DryShips trades an average of over 17 million shares a day, and its stock price fluxuates wildly.
DRYS has a 52-week high of $116.43 and a low of $3.04. The bad news about the firm’s debt has driven shares down by 25% today to $9.
For traders who look for volatility, DryShips doesn’t have an equal. Over the last three months, it share price has moved from $22 to $9 in five days. Another five trading days took it down to $3.50. Two weeks later, it was back at $11. Its recent move has been from $15 to just over $8. Its most breathaking move was between August and November as the shares moved from over $76 to under $4.
If DRYS does not resolve its debt problems, it could go from its current price of $9 to zero.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
