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Mon Feb 25th 22:32 PM | Rating: 0 0
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DRYS: Shipper of the Global Commodities Boom

I'm afraid the estimates are way too high for the earnings for 2008, specially after Q4 2007 was a record quarter. I don't think DRYS is going to be able to meet Q4 results in the future, specially after it just 400 million of debt for an investment in Ocean Rig. With the Dry Bulk index stabilizing at around 55K a day for a Panamax ship the estimates are way too high and the stock could take another plunge, if it is not able to meet the high estimates. I'm Bullish on Drys but would like for it to come down at least 15 points before I buy it again. Carter Worth from Oppenheimer recently said that the stock is a good short because it jumped from $48 to $88 way to quickly. I wanna see some profit taking before jumping in again.
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