Some of the wind is coming out of the sails of the maritime shipping group, suggesting a restoration of sanity in the group's trading patterns after just over a week of manic action.
The stock of DryShips (DRYS) - the poster child for trading in the sector following a one-week surge that drove shares up more than 1500% at its high - on Thursday gave back more than 60% of Tuesday's closing price of $73 a share. The stock had been halted for trading on Wednesday by the Nasdaq Stock Market in a bid for additional information. When it resumed trading at 10:30 a.m. ET Thursday, shares plunged $45 to just under $27 a share.
It's not the only stock playing a melody of "stop the insanity." Shares of Euroseas (ESEA) , which almost tripled in the days following the presidential election to $8 a share at Wednesday's highs, backed off to $3 a share on Thursday.
The wild performance of stocks in the sector has been reflected not only in the extreme volatility of the stock values, but in the trading volume, as well. Diana Containerships (DCIX) , which has about 3.2 million shares outstanding, typically trades about 400,000 shares a day. Over the last week, though, that volume total surged by a factor of 10 times, and on Wednesday ramped up to 19 million shares.
As Wells Fargo researchers said in a Wednesday note: "Yo - What The Heck Is Going On?"