DryShips Inc. (NASDAQ:DRYS) was off to a relatively normal day in the market yesterday. While the stock was in the green, there was nothing outside of the normal range of movement, at least not immediately. Nonetheless, things changed in a big way as the stock started spiking upward before being halted briefly on the sudden volatility. When trading resumed, shares were unfazed by the halt and continued soaring. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to DRYS ahead.
What We’re Seeing From DRYS
After DRYS hit $8.17 per share after a gain of $3.07 per share or 60.20% on Thursday, trading was briefly halted. After resuming, shares pushed all the way to 133.33% gains on the day, posting gains of $6.80 per share.
Why We’re Seeing The Gains
Surprisingly enough, there has been no fundamental news from the company, nor is the social world lighting up with speculation. However, there is one point that was brought up in the social space that makes sense. DRYS may be heading up on a delayed reaction to the Trump win. With trump in office, many believe that we’ll start seeing better economic growth and more trade with other nations around the world. Of course, if this is the case, companies like DryShips Inc. (NASDAQ:DRYS) will do pretty well.
What We’ll Be Watching Ahead
There’s no doubt that the DRYS move is an interesting one, and in many ways, difficult to explain at the moment. Nonetheless, we’ll be watching the ticker closely and bringing the news to you as soon as we dig it up!
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Note: This article was written by Joshua Rodriguez, owner and founder of CNA Finance. If you would like to connect with Joshua, you can do so by emailing him at CNAFinanceHelp@gmail.com!