On Monday, Shares of DryShips Inc. (NASDAQ:DRYS), lost -7.31% to $0.417.
DryShips Inc., declared the following:
- It has reached a contract with Ocean Rig UDW Inc. (“Ocean Rig”) to exchange the remaining outstanding balance of $80 million owed to Ocean Rig under the $120 million Exchangeable Promissory Note, for 17,777,778 shares of Ocean Rig owned by the Company. The agreement was approved by a committee of independent directors.
- Ocean Rig’s Board of Directors has decided to suspend its quarterly dividend until the offshore drilling market conditions improve.
DryShips Inc. provides ocean transportation services for drybulk and petroleum cargoes, and offshore deepwater drilling services. The company operates through Drybulk, Tanker, and Drilling segments.
Shares of TIM Participacoes SA (ADR) (NYSE:TSU), inclined 4.05% to $13.36, during its last trading session.
TIM Participações SA , Brazil’s second-biggest wireless carrier, aims to reduce operating expenses by at least 1 billion reais ($290 million) over the next three years, Chief Financial Officer Guglielmo Noya said on a Wednesday earnings call, according to Reuters.
Noya said the cost-cutting plan and growing data revenue should assist to expand profit margins. On Tuesday, TIM stated a drop in profit, not taking into account a one-time sale of cell towers, due to weak sales and rising payroll costs. Reuters Reports
TIM Participações S.A., through its auxiliaries, provides mobile telecommunication services in Brazil. The company offers mobile, fixed, and long distance telephony; data transmission; and broadband services.
Finally, Invesco Mortgage Capital Inc (NYSE:IVR), ended its last trade with -0.58% loss, and closed at $13.82.
Invesco Mortgage Capital Inc. stated that its formerly issued merged financial statements as of and for the years ended December 31, 2013 and 2014 and the interim merged financial statements as of and for the quarter ended March 31, 2013 and all subsequent quarters through the quarter ended March 31, 2015, need to be restated and should no longer be relied upon. The restatements are due to an error in the GAAP accounting treatment for certain of the company’s assets – specifically, credit risk transfer securities issued by government-sponsored enterprises (GSE CRTs) and interest-only strips of residential mortgage-backed securities that are guaranteed by a U.S. government agency (Agency MBS IOs).
The company determined that these assets should be viewed for GAAP accounting purposes as hybrid financial instruments, which require that a portion of the changes in fair value of such assets be reflected in “income” rather than “other comprehensive income,” and a portion of interest received from such assets to be classified as “derivative income” rather than “interest income.”
Invesco Mortgage Capital Inc., a real estate investment trust, focuses on investing in, financing, and managing residential and commercial mortgage-backed securities and mortgage loans.
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