DryShips Share Price Falls in Second Trading Day after Earnings Miss
DryShips Inc, an ocean transportation and deep-water drilling company headquartered in Greece, closed more than 6.5% lower this afternoon after missing analyst earnings per share expectations in its release Tuesday. Shares of Navios Maritime Holdings (NYSE: NM), another ocean transportation company, also traded lower, declining by around 2.4% for the day.
Investors may be concerned about DryShips' presence in Europe, with demand for shipping likely to drop further if the European financial crisis worsens. In addition, today's decline in oil prices, as seen in the iPath Crude Oil ETF (NYSE: OIL), might adversely affect DryShips' oil transportation and offshore drilling segments.
Disclosure: At the time of this writing, I did not own shares of any companies mentioned in this post.
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