DryShips, Transocean, Clementia, and More: Here’s Why These Stocks Are in the Spotlight

Seeing as how we’re in the middle of earnings season, several stocks are in the spotlight due to earnings as well as other meaningful news. Among the stocks trending after hours include DryShips Inc. (NASDAQ:DRYS)Transocean Ltd (Switzerland) (NYSE:RIG)Clementia Pharmaceuticals Inc. (NASDAQ:CMTA)EnerSys (NYSE:ENS), and Akamai Technologies Inc. (NASDAQ:AKAM). Let’s dive in more in depth.

weerasak saeku/Shutterstock.com

weerasak saeku/Shutterstock.com

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Traders are watching DryShips Inc. (NASDAQ:DRYS) after the company reported adjusted EPS of $0.07 and GAAP EPS of $0.12. Sales rose 65.8% year over year to $49.56 million and the company reported adjusted EBITDA of $17.2 million for Q3. The company also announced that it agreed to buy four vessels “from entities that may be deemed to be beneficially owned by the Company’s Chairman and Chief Executive Officer, Mr. George Economou” for around $198.5 million. The vessel purchases were approved by independent directors from the company’s board. DryShips Inc. (NASDAQ:DRYS) shares are in the green after hours.

Another sea related company, Transocean Ltd (Switzerland) (NYSE:RIG) reported earnings, with the company reporting an adjusted profit of $0.06 per share, versus estimates of negative $0.10 per share as expected by the Street. Sales beat estimates, with revenue for the period of $816 million, up 1% year over year, exceeding the consensus by $37.92 million. Revenue efficiency came in at 95.2% versus 97.4% in the prior quarter while adjusted normalized EBITDA margin was 42%, versus 40% in the prior quarter. Transocean’s contract backlog was $11.5 billion as of the October 2018 Fleet Status Report. CEO Jeremy Thigpen said “In preparation for an offshore recovery, during the quarter, we also continued the high-grading of our fleet by announcing our agreement to acquire Ocean Rig”. The company agreed to buy Ocean Rig in a cash and stock deal at around $2.7 billion including Ocean Rig’s net debt during the third quarter. 33 top funds were long Transocean Ltd (Switzerland) (NYSE:RIG) at the end of the second quarter, up four from the end of the previous quarter. We track around 650 elite funds in total.