Wachovia Downgrades Dry Bulk Stocks; Rough Road For Day Rates In Near-Term
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Wachovia downgrades Diana Shipping (NYSE: DSX), Eagle Bulk Shipping (NASDAQ: EGLE) and Euroseas Ltd.(NASDAQ: ESEA) to Market Perform.
Wachovia analyst says, "We are downgrading shares of DSX, EGLE, and ESEA as we believe there are few, if any company specific or sector specific catalysts in the near-to-intermediate term. We believe dry bulk day rates may see additional near-term downside, as Chinese iron ore imports will likely slow in the coming months on elevated inventories, and the seasonal grain trade appears to be near or slightly beyond its peak. While dry bulk stocks may continue to trade on improving global sentiment and optimism over additional Chinese stimulus, we believe dry bulk’s risk/reward profile has normalized following our upgrade last month, and we advise clients to move to the sidelines for the time-being. We continue to believe financially secure stocks such as DSX and ESEA are attractive long-term value plays, however we believe better entry points may emerge over the intermediate-term."
Euroseas Ltd. (Euroseas) is a provider of worldwide ocean-going transportation services.
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Comments
drys
drys is an excellent stock-- dry shipping is solid. what is not , is wachovia ... morons of the highest caliber. those who know, do not speak and those who speak ,do not know.
wachovia
so very , very sad that wachovia did not advise their own investors to stand off to the "sidelines" just a little while ago when they were going down the tubes
wachovia downgrades bulk shipping
wachovia the "big expert" who lost it all just a few months ago to bankrupcy and were "bought out" by wells fargo who recieved a pile of bailout capital to do it , are downgrading a solid company ? a money making company . this is way beyond my thinking .
Ridiculous
Wachovia apparently doesn't understand the difference between day rates and charter rates. The companies they downgraded are the LEAST exposed to the fluctuations in the BDI, especially DSX.
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Idiot
Mike McGrath on May 6, 2009 11:07 AMMarch 20, 2009 EGLE - $4.01 Today May 06, 2000 EGLE - $8.77 Analysists are always reactive.