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1. PVH Day Trade
1:57 P.M. EDT
2. Will Others Follow the DryShips' 'ATM' approach?
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.