DryShips: $5 to $1 stock in 30 past days
DryShips Inc (DRYS) was $5 on Dec 23 2016 compared to today's price of $1.16 - another 52-week low. Shares of DRYS are down 76% in the past month and shareholders are wondering where is the bottom?
DRYS dropped another penny while writing this article and now stands at $1.15. Volume on shares of DRYS has been screaming the past week and today with a few hours before the close DRYS has passed 40 million shares traded. The 5 day loss is at 46% on DRYS shares from the $2 level. All that selling appears justified now that the company has announced... DUM DUM DUM!
A Reverse Stock spit.
That's right, for every 8 shares you own of DRYS you now get 1 share. The split is effective next Monday, Jan 23. A desperate act by the company to keep it's shares on the NASDAQ before desliting occurs once it gets below $1.
DRYS has 69,357,841 shares as of today, after next week it will be approximately 8.7 million shares.
Click if you care to read More on the smoke and mirrors show from the company.
Best of the Blogs
Scanning and identifying the best blog entries every hour
- McClellan: "Gobs of Liquidity" to Fuel Markets Higher | Financial Sense
- Why We Have A 2nd Amendment: Venezuela Plans To Give Firearms To Loyalists To Purge Growing Resistance | ZeroHedge
- Artist's Impression Of Trump's 'Tug Of War' | ZeroHedge
- Central Banks Are Now Printing $200 Billion Per Month... Without a Crisis | ZeroHedge
- Stocks Stumble As Treasury-Bill Curve Inverts. 'Animal Spirits' Slump | ZeroHedge
- "Throwing In The Towel" - US Stock Market Shorts Hit 10-Year Low | ZeroHedge
- Naysayer Reality Check: Waymo’s Self-Driving Taxi Debuts in Phoenix, for Free | Financial Sense
The most relevant financial news and articles from the Internets
- 10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, DECK, CS, CMG, X) | Business Insider
- UK still attractive for insurtech | Business Insider
- Here's what 24 of the most popular brand names really mean | Business Insider
- TED, an elite ideas conference for the brilliant and wealthy, can't avoid the Trump effect | Business Insider
- The 25 most expensive ZIP codes in America | Business Insider
- Supreme Court questions whether you can lose your citizenship if you lie about speeding,... | Business Insider
- Bernie Sanders: Trump's big North Korea meeting was a 'road show for... | Business Insider