TBS International Ltd. sinks as investors lock in profitsShares of shipping company TBS International Ltd. (Nasdaq:TBSI) are sinking today as investors lock in gains after the stock’s long run up and in the midst of the broader market sell off, according to analysts. The stock, which was trading around $6 last fall, has climbed since then to reach a 52-week high of $45 on August 8. Today shares have tumbled 18.7%, or $6.29, to a level of $27.42 in mid-day trading. The ocean transportation services company that specializes in bulk shipping of steel products, grain, and metal concentrates historically has performed strongly in the dry bulk space—the company’s core business. According to analysts, the rates vessels earn are up significantly and have been on the rise for the last two weeks. Company officials did not immediately return phone calls seeking comment. spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
|
Research
|
