Day One: DRYS Hammered – By a Motley Collection of Short Selling Fools
Day Two: Teekay and DRYS share $4.08 Billion Market Caps
There was a time we read the message boards, until we decided that most were written by self serving house bound agoraphobes. They were predictable, occasionally amusing, generally depicting management as incompetent, the positions of other message board participants as astonishingly mis-informed as they endeavored to cover their short positions. Or they are unbridled cheerleaders whose mathematic defenses of long positions defy logic or the rules of addition.
Fortunately, we discovered living minute to minute on the vagaries of shipping securities and the rantings of message board writers and investment pundits was no way to spend a life.
But on Tuesday this week, a day when serious Wall Street analysts confirmed their confidence in the strength of the dry bulk market, when Lazard called for a BUY on one of the dry bulk mainstays, Genco, the dry bulk family of securities took a beating. DRYS was down 22%, Excel 16%, Genco 10% and TBS 9%.
This is only an excerpt of Market Commentary – 11/01/2007
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