(Seeking Alpha pulls a blog entry on Dryships that was posted seven hours ago.It isn't even in google cache... Why did they do that? Here's why.. The Greek dry-bulk cargo shipper will suspend its dividend and cut back on its fleet. Dryships expects a loss between $380.6 million and $431.4 million, or between $6.89 and $7.81 per share. A tighter credit market and downward pressure on freight rates forced the company to cut spending by $1.5 billion. DryShips said it will drop three capesize newbuilds and cancel plans to buy nine other ships. Analysts had expected earnings of $1.28 per share, on revenue of $225 million.
Shame on you Seeking Alpha, post at issue is below: - AM)
DryShips: Dividend Love
Posted by Debra Fiakas SeekingAlpha.com: Home Page 7 Hours ago
It is no secret that I view dividend paying stocks as a 'girl's best friend"-at least for the time being.With volatility still at record levels and the continued significant potential for event risk in the credit and equity from mismanagement or fraud, it is wise for investors to move back into long equity positions with some caution.
That said there is any number of dividend paying companies with temptingly low valuations. DryShips, Inc.(DRYS) is a transoceanic carrier of drybulk cargo-think steel, coal and grains.Sales topped the $1.0 billion level in the most recently reported twelve months ending September 2008.Profits have soared in the last two years, making an $0.80 annual dividend possible.
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