Eagle Bulk Shipping Inc EGLE shares are trading lower by $0.50 (7.5 percent) at $6.34 in Monday's session.
There is no specific news to account for the decline in the issue. Instead, the issue may be moving in sympathy with DryShips Inc. DRYS.
DryShips is trading lower by $2.00 at $6.08 and undergoing yet another reverse split. After undergoing three reverse splits in 2016 (March 1-for-25, August 1-for-4, November 1-for-15), the company did another 1-for-8 split that went in effect in today's session, taking the issue from $1 area back to the $8.00 area.
As it heads back towards the $1 level, it may be dragging other issues in the sector as well.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.