Sign up USA
Proactive Investors - Run By Investors For Investors
Markets

DryShips Inc buoyed by share placing at big premium

Other market movers: Foresight Energy LP, Black Box Corporation, EnteroMedics Inc
Ship being tugged
The shares were placed at US$2.75 - a 70 cent premium to last night's close

A look at some of the day's big movers

RISERS

DryShips Inc (NASDAQ:DRYS), up 65% at US$3.39

The company raised US$100mln by placing a pile of shares at US$2.75; not bad when the shares closed at US$2.05 on Thursday.

Who would overpay in such a dramatic fashion? Apparently “entities affiliated with its chairman and chief executive officer, Mr. George Economou. 

Foresight Energy LP (NYSE:FELP), up 18% at US$4.50.

The coal mining company generated quarterly coal sales revenues of US$204.5mln on sales volumes of 4.8mln tons. Adjusted underlying earnings (Ebitda) clocked in at $US84.5 million, prompting the company to revise full-year guidance to Ebitda of between US$285mln and US$310mln.

FALLERS

Black Box Corporation (NASDAQ:BBOX), down 43% at US$4.225.

The company helps customer design, build, manage and secure their IT infrastructure; it looks like it is in a need of a bit of help itself, after it reported a net loss of US$9.7mln in the fiscal first quarter, versuss a loss of US$0.5mln from the same period a year earlier.

"First quarter results are disappointing,” conceded E C Sykes, the company's president and chief executive, who put the poor quarter down to a number of disruptions, some project delays and lower revenues in its commercial services arm.

EnteroMedics Inc (NASDAQ:ETRM), down 39% at US$2.01.

As discounted share issues go, this one is quite severe: the medtech firm plans to offer units at US$1,000 a pop, with each unit comprising one convertible B share (convertible into 435 common shares at a conversion price of US$2.30 each) and one seven-year warrant to purchase 435 common shares, also at US$2.30 a share.

John-H.jpg

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use