Notably in the red for much of Wednesday morning were shares of industry fan-favorite DryShips (DRYS - Get Report). The stock was down about 1% to $6.99 before rallying into positive territory in afternoon trading Wednesday. Shares of DryShips closed at $7.14, up more than 1.2% from the previous session on heavier-than-average volume.The company announced the previous evening that it would raise $300 million by offering a series of convertible notes, using the proceeds for its drill-ships business. DryShips also said it would enter into a share-loan agreement with Deutsche Bank and that it was able to achieve another waiver on yet another batch of debt.
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