DryShips (DRYS) Pops Following Positive German Vote on Spanish Bank Bailout

July 19, 2012 12:34 PM EDT
DryShips (Nasdaq: DRYS) shares are markedly higher on the session amid a slumping Baltic Dry Index reading, as German Chancellor Angela Merkel and German lawmakers approved the bailout of Spanish banks.

The lower-house voted 473 to 97 in favor of the bailout, which might require funds up to €100 billion for the banks.

Shares of DryShips were lower ahead of the spike.

Thursday, the BDI is off about 19 points Thursday, or 1.7 percent.

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