Dry bulk day rates continue to price higher in the spot market. That has many shippers trading significantly higher including Diana Shipping (DSX)
Although Apple’s shareholders are taking up a class action suit regarding the locking of the iPhone, the stock continues to sit just off all time highs.
Starent networks is up another 5% after its run Friday. Goldman Sachs issued a note on Friday stating they thought demand for STAR’s products would increase.
Broadpoint Capital upgraded Nutrisystem this morning which caused the stock to gap higher after a very weak close Friday. So far there has been little traction and I remain comfortable with my short.
Deutsche Securities initiated coverage on LKQ Corp today with a hold rating. The stock is off a bit on the report, but still sits just a few percentage points off its all time highs.
Good luck today… and remember trading is like flying… “its always better to be down here wishing you were up there, than up there wishing you were down here.”
Zach
update 10/1
October 1st, 2007 at 3:32 pm
The volume in DSX is very good. The drybulk shippers are having an amazing run, I would have to think that one of these days the stocks will pullback a pretty good amount despite the fact that the fundamentals are doing nicely there.
October 1st, 2007 at 9:39 pm
Hi Zachs,
What do you think about ESEA (Euroseas Ltd), which is also a drybulk shipper. They a good balanced sheet and an attractive dividend percentage. Do they have any contracts from China and India.
Thank you,
Fulgence
October 2nd, 2007 at 11:40 am
Hey Fulgence,
ESEA looks fairly attractive both on a chart and looking at the valuation. I haven’t done the research to figure out where their contracts are locked in or how many ships they have available at spot prices. The dividend is definitely attractive but don’t make an investment decision based solely on the dividend. That can change in a heartbeat.
Good luck,
Zach