Dryships Inc (DRYS) $4.88 +9.17%
DryShips (DRYS), which rallied around a Morgan Stanley upgrade yesterday (see 9/27 color), is up another 41 cents to $4.88 after winning a $135 million contract for drillship. The contract is “easing financing concerns that have plagued the company for nearly two years,” according to Reuters. DRYS options are seeing brisk trading for a second day. 40,000 calls and 7,870 puts traded so far, or 8X the normal for midday. Oct 4, Oct 5, and Nov 5 calls are the most actives. Meanwhile, implied volatility is up 2 percent to 54, compared to a 52-week high and low of 88 and 42.
Category: All Stocks, Industrial Transportation, Small Cap Stocks
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About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.
Exelent call, holding Oct and Nov 5$ calls for second day.