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.
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