DryShips Inc. (DRYS) and Diana Shipping Inc. (DSX) are higher after the Greek parliament voted in favor of a bailout plan
Although corporate earnings season has
edged its way into the spotlight, Wall Street continues to keep a close eye trained overseas. Specifically, in
the latest chapter in Greece's debt drama, the country's parliament overnight approved a stiff austerity plan in hopes of avoiding a potential "Grexit." Here's a closer look at how two Greek shipping concerns --
DryShips Inc. (NASDAQ:DRYS) and
Diana Shipping Inc. (NYSE:DSX) -- are benefiting from the bullish buzz.
DRYS, for example, has popped 10.4% to trade at $0.61, and is sitting just one penny shy of its intraday high.
It's been a big month for the stock amid all the Greek-related debt drama, and since hitting a record low of $0.49 on July 7, it has rallied more than 24%.
Option traders, meanwhile, have been initiating
long calls over
puts at a near-annual-high clip in recent months. In fact, DryShips Inc.'s 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 17.52 ranks in the 98th annual percentile.
Elsewhere,
DSX was up 1.7% at its intraday peak, but was last seen 1.1% higher at $7.60.
The stock has been making strides since tagging a two-year low of $6.02 in early April, tacking on 26%. However, this uptrend has been contained near the $7.80 mark -- an area that supported the shares last November.
On the sentiment front, option traders have shown a fondness for puts over calls among options slated to expire in three months or less, per Diana Shipping Inc.'s Schaeffer's put/call open interest ratio (SOIR) of 1.06 -- in the 72nd annual percentile. Simply stated, speculative traders are more put-heavy than usual toward the stock.