UAL, OPTT, and DRYS stocks are making notable moves on the charts today
The Dow is higher in afternoon trade, thanks to strong gains from energy stocks. Among specific equities on the move this afternoon are airline United Continental Holdings Inc (NYSE:UAL), utility stock Ocean Power Technologies Inc (NASDAQ:OPTT), and bulk shipper DryShips Inc. (NASDAQ:DRYS). Here's a quick look at what's moving shares of UAL, OPTT, and DRYS.
UAL Stock Gains Despite Damaging Video
UAL stock is up 0.8% today at $71.46, even as the company finds itself in the midst of a public relations disaster. Specifically, a man was forcefully removed from an overbooked United flight, with video of the incident making the rounds on social media. Still, despite the shares' rise today, they're struggling to overcome their 50-day moving average. United Continental Holdings Inc options traders appear upbeat, however, as 2.60 calls have been bought to open for every put during the past two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).
Ocean Power Stock Gets Rocked on Share Offering
Shares of OPTT are down 10.7% at $1.92 today, and short-sale restricted, after the company filed for a public stock offering of nearly four million shares. Ocean Power Technologies Inc stock has been grinding lower since topping out at $15.56 back in July, and while today's price action is disappointing for shareholders, short sellers have to be cheering. For instance, short interest on OPTT stock has risen significantly since the aforementioned July surge, and now matches its mid-February record high, with nearly 17% of its float sold short.
DryShips Stock Hits Record Low
DRYS is another penny stock getting hit hard today, last seen 9.2% lower at $0.64, remaining on the short-sale restricted list and earlier hit a record low of $0.54. The move comes after the company made an amendment to a revolving facility agreement. What a ride it's been for any long-term DryShips Inc. shareholders, given the stock has a 52-week high of $2,227.20, which was set almost one year ago on April 28, 2016.