Could you please post the link to get the futures quote. Imarex site does not seem to have the quote.
Bloomberg.com reports that DRYS and competitors that that carry raw materials fell from record levels after The Australian newspaper reported Chinese steel producers are taking a tough negotiating line to fix next year's iron ore price. DRYS fell $22.97, or 18%, to $108 in Nasdaq composite trading. Genco Shipping & Trading (GNK) fell $10.89, or 14%, to $67.05, and Diana Shipping (DSX) fell $5.57, or 12%, to $39.25. "China is trying to spook the market,'' Natasha Boyden, a Cantor Fitzgerald analyst, said. "They did a good job.'' Dry-bulk companies have profited from China's demand for iron ore and other commodities. The newspaper reported today that Zhang Jingang, deputy secretary general of the China Iron and Steel Association, said profitability in the Chinese steelmaking industry is falling and that there would be no increase in the price China pays for Australian iron ore. Story also mentions QMAR and EGLE. (See 15:19 & 15:50 comment for further color on today's move in the group)
Could also be profit taking for some of the big funds (last day of quarter Oct. 31st?) Almost every single shipper (not just dry bulk) fell off the cliff around 2:30 pm today (Oct. 30th)........NM just reported huge profits, others are supposed to follow..............so, who knows? Most of these stocks have been up 3-5% after hours.
I read the story about China also, however, China is not the only user/buyer of these commodities; Japan, Korea and especially India also are shipping massive amounts of these commodities to their ports. Sure, the Chinese are stating that these rates are too high.........but do they need what these ships are shipping? And what are they willing to pay?
As far as I know you can't get even delayed Imarex-quotes, you have to pay for realtime. I know Reuters carry it, and Bloomberg should have it as well.
this is a FUN stock to trade..............news is they also just locked in rates for 4 of their largest vessels for a year......
DRYS is reporting after hours 11-06-07..... after reviewing statements and interviews with CEO Economou, earnings look to be good; however, we'll know more tomorrow afternoon and Wednesday. Also, I did a little research on the stock and I found out that this stock is generally pretty volatile. On June 1st, a high of 42.1....on 6-12-07, a low of 34.56 (a drop of 17.9%) In July-Aug. 2007 after a high of 65.38 (7-23), the price fell to 46.21 (8-16)...down over 29%. In Sept.....on 9-10 (78.74)....9-18 (66.56)....down 15.45%. On 10-16, a new high of 130.48, and on 10-22, a low of 103.46, a 20.7% drop. Then recently, another new high of 131.34 (10-29), and today 11-5-07, a drop to a low of 100.71....down 23.32%. Will it go up again to another new high? Who knows?