DryShips, Inc. (NASDAQ: DRYS) has seen more than its fair share of trading today. The afternoon chatter is ‘buyout rumors’ but these sound more like BS than real meat. Briefing.com ran the buyout rumor piece today, and we have seen Indie Research cover the rumor and then Barron’s cover it in all but an outright dismissal. The Barron’s note is calling it chatter at best.
With 30 minutes to close, DryShips is up 7.7% at $6.10 on over 55 million shares. We have also seen more than 70,000 MAR-2010 CALLS trade hands today, which is another 7+ million shares of trading equivalent on a fully leveraged basis.
Anything in the world of M&A is possible, particularly if you can get management or large holders to go along with it. But there are rumors, and then there are ‘rumors of a rumor’….. This sounds more like the latter, at best.
JON C. OGG