Dryships (DRYS) adds 34 cents to $4.17 and options are busy today after Goldman Sachs upgraded the stock to Buy from Neutral. 32,000 calls and 8,260 puts traded on the dry bulk shipper. The top trades are part of a three-way spread after 5,000 Sep 3.5 puts traded at 17 cents while the Sep 5 – 6 call spread traded at 12 cents, 5000X. All three legs traded on the ISE, where sentiment data suggest puts were sold to finance the call spread. If so, the strategist is opening a position and probably looking for shares to drift beyond $5 through the September expiration.