The RealMoney contributors are in the business of trading and investing all day on the basis of ongoing news flow. Below, we offer the top five ideas that RealMoney contributors posted today and how they played those ideas. brings you the news all day, and with RealMoney's "Columnist Conversation," you can see how the pros are playing it on a real-time basis. Here are the top five ideas played today. To see all that RealMoney offers, click here for a free trial.

1. PVH Day Trade

James Altucher
1:57 P.M. EDT

I've argued for the past $10 now that Phillips-Van Heusen ( PVH) was undervalued given its competitive and operational advantage over all of the brand name retailers (almost 50% of PVH's revenues come from licensing out their Calvin Klein brand). However, with the stock trading over $28.50 the risk/reward is now compelling as a short-term (3-5 days max) short in the stock. I am looking for a move back into the $24ish range.

No positions.

2. Will Others Follow the DryShips' 'ATM' approach?

David Sterman
10:43 A.M. EDT

Now that DryShips ( DRYS) has completed its open-ended issuance of new shares to raise fresh capital, other financially weak companies will have to gauge if it was the right move. DryShips was able to beat back creditors by raising $500 million, but the company's share count rose from 46 million at the end of the third quarter of 2008 to a recent 185 million. Could DryShips have issued fewer shares by doing a PIPE? (This assumes a traditional secondary was pursued but unavailable as an option). Would further asset sales been the wiser long-term move?

At the time the program began, DryShips had little access to fresh lending, but other debt-distressed companies may find easier access to borrowing these days. With many more companies facing debt deadlines in coming quarters, we probably have not seen the last of these "ATM" deals. Shares of DryShips are up 15% today as the program is now closed, and any further gains may serve as an endorsement of this approach.

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