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) 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) 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.

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