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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


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.


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.


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