DryShips Surrenders Early Gains
DryShips Inc. (NASDAQ: DRYS) shares are trading higher by $0.40 at $5.65 in Thursday's session.
There was some renewed optimism that the issue may embark on another big run when it was announced its CEO had become the lender of record under $85.1 million syndicated loan previously arranged by HSH Nordbank.
However, the euphoria quickly faded shorty after the opening bell. After a higher open, it rallied another $0.15 to $6.40 before sharply reversing course. That high comes in between its November 25 high ($6.19) and its November 23 high ($6.86).
The ensuing decline has taken the issue back into Wednesday's range, but found buyers just ahead of Wednesday's close ($5.25), only reaching $5.39.
The issue is attempting to post its first close above $6.00 since November 23, when it ended the session at $6.01.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.