Courtesy of Benzinga.
Eagle Bulk Shipping Inc (NASDAQ: EGLE) shares are trading lower by $0.50 (7.5 percent) at $6.34 in Monday’s session.
There is no specific news to account for the decline in the issue. Instead, the issue may be moving in sympathy with DryShips Inc. (NASDAQ: DRYS).
DryShips is trading lower by $2.00 at $6.08 and undergoing yet another reverse split. After undergoing three reverse splits in 2016 (March 1-for-25, August 1-for-4, November 1-for-15), the company did another 1-for-8 split that went in effect in today’s session, taking the issue from $1 area back to the $8.00 area.
As it heads back towards the $1 level, it may be dragging other issues in the sector as well.
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