Shares of DryShips (DRYS) Sink Amid $475M Offering, Numerous Downgrades

May 8, 2009 11:21 AM EDT

Shares of DryShips (Nasdaq: DRYS) have tumbled more than 15% today following news that the drybulk shipper plans to sell another $475 million in common shares. Earlier this year, DryShips filed to offer up to $500 million in common shares.

The stock most recently traded at $8.55.

Also adding to downside this morning, DryShips was downgraded to Hold at Jefferies and to Sell at Cantor Fitzgerald.

The negative sentiment surrounding the DryShips offering is weighing on a number of stocks in the drybulk sector today. Elsewhere in the group, Diana Shipping (NYSE: DSX) is down 5%, Genco (NYSE: GNK) is down 7.7%, Excel Maritime (NYSE: EXM) is down 8.2%, Navios Maritime (NYSE: NM) is down 6.2% and Eagle Bulk Shipping (Nasdaq: EGLE) has fallen 5%.

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