UPDATE: Global Hunter Securities Downgrades DryShips to Neutral on Weak Dry Bulk Earnings

Global Hunter Securities lowered its rating on DryShips

from Buy to Neutral and removed its previous $5 price target. Global Hunter Securities noted, "DryShips, Inc. (DRYS) reported Q3 results below both our expectations and consensus as ORIG incurred significant drilling rig expenses. Furthermore, as legacy dry bulk charters expire, we believe earnings in this segment could become more of a drag going forward. Therefore we downgrade our rating to Neutral (from Buy) and remove our price target (from $5)." DryShips closed at $1.67 on Thursday.