DryShips Capital Raise & Upgrade (DRYS)
DryShips Inc. (NASDAQ: DRYS) is surging this morning. Last night the company announced that it has completed its $500 million equity offering to boost its balance sheet and to use against debt. The shipping operator also received an analyst upgrade…
As a reminder, today is options expiration date for equities, and that could trap the stock at the closest strike. It had an open interest in contracts of 32,297 for the $5 calls, 16,935 for the $6 calls, and 30,744 for the $7.50 calls.
Shares are up 12% at $6.23 on over 1 million shares in early trading after closing at $5.55 Thursday. You probably don’t need the reminder, but this is one of the most volatile stocks out there as moves of 15% or more seem to be the norm rather than the exception.
Jon C. Ogg
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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.
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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.
