lordy i felt so stupid for not putting on my shorts yesterday....RSI and MACDs weren't really giving me the signal, despite the huge moves in the indices.
bear markets suck....as far as DRYS, the news out of Mittel steel isn't a good sign.
lordy i felt so stupid for not putting on my shorts yesterday....RSI and MACDs weren't really giving me the signal, despite the huge moves in the indices.
bear markets suck....as far as DRYS, the news out of Mittel steel isn't a good sign.
I am wondering if we are not gonna see 5,000 on the Dow before it is over.Hope not.
One thing that makes me wonder if the dreaded Japanese example is valid except for the significant fact that the yen was never the world reserve currency.That would seem to make a huge, huge difference...but...not sure it is enough to bet on.
I am wondering if we are not gonna see 5,000 on the Dow before it is over.Hope not.
One thing that makes me wonder if the dreaded Japanese example is valid except for the significant fact that the yen was never the world reserve currency.That would seem to make a huge, huge difference...but...not sure it is enough to bet on.
What is the deal with DRYS SEC filing today? Is that standard disclosure making the public aware of the worst case scenario possible if the world ends and shipping never returns?
I believe George did not make any mention to this in the conference call saying at this time he thinks things are fine.
What is the deal with DRYS SEC filing today? Is that standard disclosure making the public aware of the worst case scenario possible if the world ends and shipping never returns?
I believe George did not make any mention to this in the conference call saying at this time he thinks things are fine.
He said the OPPOSITE in the earnings release..he said there are no issues with banks or third parties.
BUT...if the BDI flatlines for two years and ship values go down the tubes then sure there COULD be issues regarding equity levels relative to assets.
DRYS has enough cash and cashflow to make things work for a year plus but man to see the BDI go down 90% in three months and the industry come to a standstill, well he has to make the comments because there is potential it COULD happen.
If these issues exist for DRYS, the other names are in the same fire, DRYS has great LTCs locked up for nice coverage lasting two years, AND the rig assets.
The thought has crossed my mind but I still say that bulk shipping has a global purpose and it isnt going away, but with rates this low the asset values have come down quite a bit.
If things normalize over the next few months, these issues go completely away, but who the hell knows? It could happen and if that risk is too much to bear, I dont fault an investor for selling based on that POTENTIAL might happen.
VH2,
He said the OPPOSITE in the earnings release..he said there are no issues with banks or third parties.
BUT...if the BDI flatlines for two years and ship values go down the tubes then sure there COULD be issues regarding equity levels relative to assets.
DRYS has enough cash and cashflow to make things work for a year plus but man to see the BDI go down 90% in three months and the industry come to a standstill, well he has to make the comments because there is potential it COULD happen.
If these issues exist for DRYS, the other names are in the same fire, DRYS has great LTCs locked up for nice coverage lasting two years, AND the rig assets.
The thought has crossed my mind but I still say that bulk shipping has a global purpose and it isnt going away, but with rates this low the asset values have come down quite a bit.
If things normalize over the next few months, these issues go completely away, but who the hell knows? It could happen and if that risk is too much to bear, I dont fault an investor for selling based on that POTENTIAL might happen.
Guess one has to see what happens to the global market. If it does not rebound then there are going to be a lot of other industries in a world of hurt as well. That other message board can sure give an investor a dose of paranoia. I should stop going there . . . but there are some intelligent posters over there that do bring a lot of good information to the table that I enjoy reading.
Good points Wallstreet
Guess one has to see what happens to the global market. If it does not rebound then there are going to be a lot of other industries in a world of hurt as well. That other message board can sure give an investor a dose of paranoia. I should stop going there . . . but there are some intelligent posters over there that do bring a lot of good information to the table that I enjoy reading.
Bought GM @ 4.10 . cnbc talking heads we're saying they should let them BK and the price goes falling fast. On a sidenote Fidelity is terrible their market orders are outrageous. i put 1st order when price was 4.05- 4.08 gets filled at 4.16 !!! I then and will from now on use limit orders. picked up more at 4.05 and 4.03.
earlier i bought KBR price was 14.44- 14.40 it got filled at 14.57 !!! it never moved to 14.57 when my order was in. I watched the prices i was getting while watching the stock price. As soon as they update my bank info Im leaving that piece of shit broker.
they have coat me atleast, atleast 10k in bad price execution's. E-trade I'm bringing in all my mone to you. they always give me a fair price. i even got better price a few times.
fuck fidelity
Bought GM @ 4.10 . cnbc talking heads we're saying they should let them BK and the price goes falling fast. On a sidenote Fidelity is terrible their market orders are outrageous. i put 1st order when price was 4.05- 4.08 gets filled at 4.16 !!! I then and will from now on use limit orders. picked up more at 4.05 and 4.03.
earlier i bought KBR price was 14.44- 14.40 it got filled at 14.57 !!! it never moved to 14.57 when my order was in. I watched the prices i was getting while watching the stock price. As soon as they update my bank info Im leaving that piece of shit broker.
they have coat me atleast, atleast 10k in bad price execution's. E-trade I'm bringing in all my mone to you. they always give me a fair price. i even got better price a few times.
DRYS - im not touching it yet. GE really screwed investors with his interview about loan covenants. I support the company and think they have a good business model but now after defending GE im disappointed and upset with him.
when the BDI shows reall upward movement im getting back in til then stay away, it could and i think it will re-trace back to 13.
DRYS - im not touching it yet. GE really screwed investors with his interview about loan covenants. I support the company and think they have a good business model but now after defending GE im disappointed and upset with him.
when the BDI shows reall upward movement im getting back in til then stay away, it could and i think it will re-trace back to 13.
look into TDAmeritrade. have used them for years and they are excellent.
that being said, you just got FUCKED by the GM floor specialist, NOT Fidelity.
I'll look into it. I have an e-trade account that i use and they have done me good. fast executions and customer service is very good. i also really like their trading software. i think it would be easier to use just 1 account or at least 1 broker.
Quote Originally Posted by LeRinkRat:
fuck fidelity
look into TDAmeritrade. have used them for years and they are excellent.
that being said, you just got FUCKED by the GM floor specialist, NOT Fidelity.
I'll look into it. I have an e-trade account that i use and they have done me good. fast executions and customer service is very good. i also really like their trading software. i think it would be easier to use just 1 account or at least 1 broker.
im kicking myself for not shorting DRYS when that announcement came out on their loan covenants. I like drys too much to hope its price goes down but the charts showed a bear movement and then you throw bad US economic news plus very bad business news it had no where to go but down. When it reach's a price i cant ignor im getting back in. i still see a good run-up on commodities and the BDI short term.
Walls - whats the word on the primlead spin-off ?? when is that expected to happen beginning of 09 ??
im kicking myself for not shorting DRYS when that announcement came out on their loan covenants. I like drys too much to hope its price goes down but the charts showed a bear movement and then you throw bad US economic news plus very bad business news it had no where to go but down. When it reach's a price i cant ignor im getting back in. i still see a good run-up on commodities and the BDI short term.
Walls - whats the word on the primlead spin-off ?? when is that expected to happen beginning of 09 ??
The release was garbage and taken out of context. The market is looking for reasons to plaster the stock and it got it period.
Regarding Primelead, I want him to hold off until things stabilize personally, if that means 3 months, 6 months..whatever.
Economou allays fears as DryShips shares fall
Nigel Lowry, Athens - Friday 7 November 2008
George Economou.
DRYSHIPS boss George Economou has confirmed that his Nasdaq-listed
company is in good health after a warning-laden share prospectus filing
spooked the market, already jittery from the dry bulk crash.
Shares in the Athens-based bulker owner plunged by about 20% in a
generally rough day for US listed dry bulk shipping stocks on Thursday,
following a move by DryShips to register up to 25m new shares in a
prospectus filed with the Securities and Exchange Commission.
Among risk factors mentioned in Thursday’s filing, DryShips said that
even with a hefty injection of fresh equity from sale of the new shares
it “cannot be assured” that company operating and capital needs would
be satisfied, or that it would remain in compliance with debt covenants
“if the current low charter rates in the dry bulk market continue”.
Conjuring up a possible doomsday scenario, the company noted: “If we
are not able to comply with our loan covenants and our lenders chose to
accelerate our indebtedness and foreclose their liens, we could be
required to sell vessels in our fleet and our ability to continue to
conduct our business would be impaired.”
However, Mr Economou told Lloyd’s List a day later that the grim tone
that arguably could be discerned in the filing was a normal one for
prospectuses.
“The underwriters put in a lot of risk factors to safeguard our back against litigation,” he said.
“We are not breaching any covenants and we are not at risk of breaching covenants. Nor are we planning on breaching them.”
He said an analyst who downgraded the company’s stock had over-reacted.
DryShips, which controls a 58-strong bulk fleet including 15
newbuildings, had three days earlier reported third quarter net income
of $180m and Mr Economou had dwelled on the company’s “strong financial
condition”.
It already had cash of $456m and another $1.2bn in committed bank lines, adding up to nearly $1.7bn in total liquidity.
Discussing the potential sale of 25m shares from time to time through
Cantor Fitzgerald, Mr Economou said: “I want to have cash to use it as
a cushion or as firepower.”
Mr Economou said that “no-one can tell for sure how long a bad market may last”.
He added: “Personally I do not think it will be particularly bad for a
very long time and I suspect China will probably start moving, but we
also want to be prepared for adverse market conditions.”
DryShips shareholders — Mr Economou foremost among them — face
significant dilution if large tranches of the possible 25m new
registered shares are sold.
If all the shares covered by the prospectus are eventually sold it
would more than double the current amount of outstanding stock. There
are already 19m shares to be issued to repay the sellers, chiefly Mr
Economou, of nine capesizes DryShips recently agreed to take over.
Following completion of the big capesize deal, the chief executive’s
personal stake in the company is estimated to rise to about 35%.
WLD,
The release was garbage and taken out of context. The market is looking for reasons to plaster the stock and it got it period.
Regarding Primelead, I want him to hold off until things stabilize personally, if that means 3 months, 6 months..whatever.
Economou allays fears as DryShips shares fall
Nigel Lowry, Athens - Friday 7 November 2008
George Economou.
DRYSHIPS boss George Economou has confirmed that his Nasdaq-listed
company is in good health after a warning-laden share prospectus filing
spooked the market, already jittery from the dry bulk crash.
Shares in the Athens-based bulker owner plunged by about 20% in a
generally rough day for US listed dry bulk shipping stocks on Thursday,
following a move by DryShips to register up to 25m new shares in a
prospectus filed with the Securities and Exchange Commission.
Among risk factors mentioned in Thursday’s filing, DryShips said that
even with a hefty injection of fresh equity from sale of the new shares
it “cannot be assured” that company operating and capital needs would
be satisfied, or that it would remain in compliance with debt covenants
“if the current low charter rates in the dry bulk market continue”.
Conjuring up a possible doomsday scenario, the company noted: “If we
are not able to comply with our loan covenants and our lenders chose to
accelerate our indebtedness and foreclose their liens, we could be
required to sell vessels in our fleet and our ability to continue to
conduct our business would be impaired.”
However, Mr Economou told Lloyd’s List a day later that the grim tone
that arguably could be discerned in the filing was a normal one for
prospectuses.
“The underwriters put in a lot of risk factors to safeguard our back against litigation,” he said.
“We are not breaching any covenants and we are not at risk of breaching covenants. Nor are we planning on breaching them.”
He said an analyst who downgraded the company’s stock had over-reacted.
DryShips, which controls a 58-strong bulk fleet including 15
newbuildings, had three days earlier reported third quarter net income
of $180m and Mr Economou had dwelled on the company’s “strong financial
condition”.
It already had cash of $456m and another $1.2bn in committed bank lines, adding up to nearly $1.7bn in total liquidity.
Discussing the potential sale of 25m shares from time to time through
Cantor Fitzgerald, Mr Economou said: “I want to have cash to use it as
a cushion or as firepower.”
Mr Economou said that “no-one can tell for sure how long a bad market may last”.
He added: “Personally I do not think it will be particularly bad for a
very long time and I suspect China will probably start moving, but we
also want to be prepared for adverse market conditions.”
DryShips shareholders — Mr Economou foremost among them — face
significant dilution if large tranches of the possible 25m new
registered shares are sold.
If all the shares covered by the prospectus are eventually sold it
would more than double the current amount of outstanding stock. There
are already 19m shares to be issued to repay the sellers, chiefly Mr
Economou, of nine capesizes DryShips recently agreed to take over.
Following completion of the big capesize deal, the chief executive’s
personal stake in the company is estimated to rise to about 35%.
Things that should but will not happen with a new administration:
1.Legalize weed.Legalize coke.Legalize everything, and tax the hell out of it. Astronomical amounts of cash saved in pointless drug war abandonment, drug lords put outta business, and the only casualties are prison guards and prison companies who have been having a great time in the incarceration boom. Revenue expected:in the trillions...
2.Remove all troops from the following countries who do not want us there anyway: Germany Japan, Korea. We won the war, those countries profit from the peace, and we ...spend billions "protecting" them, which they do not need or want.We gain good will, save a trillion or two and let them fend for themselves which they can easily do.
3. B.O. got it wrong when asked what war should be fought. Leave the pile of rocks and heroin known as Afghanistan immediately, realizing what Alexander the Great, the Britih and the Soviets learned too late:the Afghans are tough SOBs, they like their mountains, and will not be dominated by anyone, ever.Refer to Churchill's writings for confirmation.
4. Abandon the space program and use the cash to develop an environmentally neutral vehicle.
5. Do not re-hire Clinton retreads...oh shit, already too late. "Meet the new boss, same as the old boss" Rubin, Reich et al...sigh...
Things that should but will not happen with a new administration:
1.Legalize weed.Legalize coke.Legalize everything, and tax the hell out of it. Astronomical amounts of cash saved in pointless drug war abandonment, drug lords put outta business, and the only casualties are prison guards and prison companies who have been having a great time in the incarceration boom. Revenue expected:in the trillions...
2.Remove all troops from the following countries who do not want us there anyway: Germany Japan, Korea. We won the war, those countries profit from the peace, and we ...spend billions "protecting" them, which they do not need or want.We gain good will, save a trillion or two and let them fend for themselves which they can easily do.
3. B.O. got it wrong when asked what war should be fought. Leave the pile of rocks and heroin known as Afghanistan immediately, realizing what Alexander the Great, the Britih and the Soviets learned too late:the Afghans are tough SOBs, they like their mountains, and will not be dominated by anyone, ever.Refer to Churchill's writings for confirmation.
4. Abandon the space program and use the cash to develop an environmentally neutral vehicle.
5. Do not re-hire Clinton retreads...oh shit, already too late. "Meet the new boss, same as the old boss" Rubin, Reich et al...sigh...
win lose or draw check your broker. why are yiu executing market orders. if you really lost that much in market price executions which is very believable you should be using LIMIT ORDERS. F**K man that is ridiculous. good luck in future and god bless.
DRYS is definately gonna be a volatile little piggy coming up in future as musch as this company is talked about in differebt investnent circles.
personally like TRA, much better. ethanol is gonna be wave of our new energy policy especially with president elect Obama. need a shitload more fertilizer to grow corn than wheat, and while DRYS will be shipping alot of that fertilizer. Seems to me that there is a whole lot more systemic risk invlolved in shipping.
win lose or draw check your broker. why are yiu executing market orders. if you really lost that much in market price executions which is very believable you should be using LIMIT ORDERS. F**K man that is ridiculous. good luck in future and god bless.
DRYS is definately gonna be a volatile little piggy coming up in future as musch as this company is talked about in differebt investnent circles.
personally like TRA, much better. ethanol is gonna be wave of our new energy policy especially with president elect Obama. need a shitload more fertilizer to grow corn than wheat, and while DRYS will be shipping alot of that fertilizer. Seems to me that there is a whole lot more systemic risk invlolved in shipping.
also am trading APWR. fundemantaly strong chinese energy. china is a scary mkt but i like this company. trading at a very low multiple like many stocks right now, but they have no debt and a billion dollars in back log contracts. Also becoming the premier chinese wind energy, plans to build a wind power plant twice the T. Boone Pickens wind plant here in U.S.
plus they are the only energy powergrid distibutor that is not solely owned by chinese government.
very, very fundemently strong company
also am trading APWR. fundemantaly strong chinese energy. china is a scary mkt but i like this company. trading at a very low multiple like many stocks right now, but they have no debt and a billion dollars in back log contracts. Also becoming the premier chinese wind energy, plans to build a wind power plant twice the T. Boone Pickens wind plant here in U.S.
plus they are the only energy powergrid distibutor that is not solely owned by chinese government.
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