This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Updated from 12:35 p.m. with Jim Cramer's CNBC comments about Navios
NEW YORK (
TheStreet) -- Shares of dry bulk shipper
Navios Maritime(NM - Get Report) were surging more than 17% on Friday after JPMorgan Chase initiated coverage of the stock with an overweight rating.
Shares of the South Norwalk, Conn.-based company were charging to $3.98, up 58 cents, or 17.2% in early Friday afternoon trading.
By and large, the
dry bulk sector
is having a healthy day in the markets with
Eagle Bulk Shipping(EGLE - Get Report) gaining on Friday to a weekly high at $1.20, up 10 cents, or 9.1%, after the stock had tumbled nearly 60% since mid-September.
DryShips(DRYS - Get Report) proved the sector's biggest laggard as the Athens-based shipper was sinking to $2.42, down 8 cents, or 3.6%.
Jim Cramer mentioned Navios Friday morning on
CNBC: "$3 dollar stock, it's going to be the one."
-- Written by Joe Deaux in New York.
>Follow Joe Deaux on
Twitter. Subscribe on
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.