Star Bulk Misses Targets, Stock Sinks

Star Bulk Carriers(SBLK Quote), a Greek dry-bulk cargo shipping line, reported a lower-than-expected profit Thursday, sending its shares went tumbling in response.

The stock was changing hands in morning trading at $4.90, down 47 cents, or 8.75%, on heavy volume. The stock had been on a tear of late, more than quadrupling since hitting its lows in March.

Excluding items, Star Bulk, based in Athens, reported earnings of 16 cents a share, below analysts' estimates of 25 cents. Those non-cash items included an $11 million gain, or 18 cents a share, on the early termination of a charter contract. Though ships returned early do boost the company's bottom line with one-time gains, they also reduce operating income. ...