Volume Spike Investor

DryShips Inc. (NASDAQ: DRYS) is getting hit on active volume this morning.  The shipper posted $0.43 EPS and a 6.6% year over year decline in revenues to $217.9 million.  First Call had estimates at $0.66 EPS and $209.6 million in revenues as the consensus estimates.  This is also the company’s Q4-2008 report, so it is a bit late in the quarter when you consider that this is a December-end report.  The company had some pretty large losses when you really break out the numbers, but at least it has some covenant breaches sealed an is negotiating the other issues.  Shares are trading down 12% at $4.87 at 9:20 AM and we have seen almost 2.2 million shares trade hands in the pre-market session, and that compares to a $5.52 close.  As you probably know, moves of 20% are fairly routine in DRYS.  Its 52-week trading range is $2.72 to $116.43.

JON C. OGG (9:20 AM EST)