Why Empire Resorts Sun Edison and Diana Shipping collapsed today
Tuesday was a strong day for the broader stock market, with key market definitions returning to the positive for the year based on the strength of some of the best performing stocks of the year. Emphasizing positive momentum from key sectors such as technology and energy helped the Dow and the S&P 500 rise more than 1%, but many stocks did not participate in the in-house weekend rally. Some of the relative losers in Tuesday’s market action include Empire Resorts (NASDAQ: NYNYstock at https://www.webull.com/quote/nasdaq-nyny), SunEdison (NYSE: SUNE) and Diana Shipping (NYSE: DSX).
Empire Resorts plunged 13% after the company behind the Monticello Casino and Raceway in New York said it would give ownership to its common and preferred shareholders.
Under the offering, shareholders will have the right to acquire new common and preferred shares until January 4, with Empire Resorts ultimately intending to use the proceeds from the sale of the shares to fund the growth and expenses of the newly recognized Montrain Resort Casino. For other capital purposes. The stock price collapse is likely due to investors ‘expectation that rights pricing may dilute to existing shareholders, especially as Empire Resorts’ stock has already lost half of its value since early 2015.
SunEdison plunged 9%, the second consecutive day, amid concerns over an apparent attempt to negotiate a substantial credit line as investors downgraded the company’s guidance on expected installations in the fourth quarter. A potential problem for SunEdison Partners is that if a lender has a stock position in a financing agreement, current investors may dilute their shares to a solar expert as a result of the deal. As hedge-fund enthusiast investor David Tepper looks for more information from SunEdison on acquisitions and public corporate strategy, SunEdison already sees a number of issues that have become a difficult environment for solar companies.
Finally, Diana Shipping is generally down 7% on a hard day for shipping companies. So far this month, Diana has announced a number of time-charter agreements with customers, including a contract for a CommSermax dry-bulk shipment with ComSarm for 10 to 13 months a day, 000 6,000. Similar agreements for the various types of vessels range from 900 4,900 a day to 7 7,750, and Diana has been able to postpone delivery dates for the two newly built ships for about five months. Its ships need for discovery, but Diana still sluggish global economy’s impact has to deal with, it’s the size of ships has affected the stock for the second time dramatic losses to record ready, because Diana shareholders sweep and are ready to ship the company’s future recovery prospects Tag Trail. You can also download online brokerage and market data App at https://www.webull.com/introduce .