DryShips Posts 6th Straight Quarterly Loss and 2 Other Hot Stocks to Watch
DryShips (NASDAQ:DRYS): Current price $1.96
The dry bulk shipping and offshore contract drilling firm has reported its sixth consecutive quarterly loss, saying that it does not expect charter rates to improve in 2013. Shares of DryShips, which are thought a bellwether stock for the industry, fell by almost 7 percent in midday trade. Excess supply of dry bulk ship capacity for commodities like coal, ore and grains, has led shipping rates downward relentlessly in the last five years, accelerated by weak demand, resulting in a number of shippers being forced to restructure their businesses and lower capital spending. DryShips Chief Executive George Economou commented that “even though there has been a recent spike in some dry bulk charter rates, we continue to be defensive about the short-term prospects of the shipping markets. We do not expect any positive sustainable development in charter rates this year.”
BlackBerry (NASDAQ:BBRY): Current price $14.39
On Wednesday, analyst Alexander Peterc at Exane BNPParibas lowered his rating on BlackBerry from Neutral to Underperform, at the same time hiking his price target to $10 from $7, subsequent to trimming estimates. Peterc wrote that the firm’s transition is threatened by the “disappearance of legacy profit pools” in the smartphone industry.
Bloomin’ Brands (NASDAQ:BLMN): Current price $21.66
Bloomin’ Brands has announced the pricing of a secondary public offering of 19 million shares of its common stock at a price of $21.50 per share. All shares are being offered by certain stockholders. The offering should close on May 29, subject to the satisfaction of the usual closing conditions. Further, the underwriters will have a 30-day option to buy up to an additional 2.85 million shares from certain selling stockholders.
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