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) 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