Dry-Bulk Losers: Excel, Eagle, DryShips

A broad decline in stocks Thursday -- with the Dow Jones Industrial Average falling more than 100 points on data that indicated a record number of foreclosures occurred in the third quarter -- may also have provided dry-bulk investors with a reason to take profits, as some market participants had begun to worry about a peak in both rates and shipping stock prices a few days ago.

Leading the decliners Thursday afternoon were shares of Eagle Bulk Shipping (EGLE), which tumbled more than 13% to $5.87; Genco Shipping & Trading (GNK), which fell 11.1% to $25.10; and Excel Maritime (EXM), which lost 11.9% to $7.40. All three names enjoyed some of the sharper gains during the sector's week-long run to the upside.

Elsewhere, DryShips (DRYS) shares dropped 8.5% to close at $6.53; Diana Shipping (DSX) lost 7.1% to $16.69; and Navios Maritime (NM) retreated 8.3% to $5.93.

Holding up relatively well were the U.S.-listed issues of Safe Bulkers (SB), down 3.7% to $9.05, and Star Bulk Carriers (SBLK), down 2.2% to $3.50.

-- Written by Scott Eden in New York

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Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.

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