Orlando, FL -- (SBWIRE) -- 08/16/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On Renren Inc (NYSE:RENN), DryShips Inc. (NASDAQ:DRYS).
Renren Inc(NYSE:RENN) shares declined 11.43% to $3.72. The company on August 14 said its second-quarter loss narrowed as the company's revenue continued to increase and margins improved.
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The company reported a loss of $9.3 million, or three cents an American depositary share, compared with a year-earlier loss of $24.9 million, or six cents an ADS. Stripping out stock-based compensation, amortization and impairment of intangible assets, the company's adjusted loss narrowed to $3.8 million from $21.8 million. Analysts most recently forecast a loss of seven cents a share. Revenue rose 11% to $49.6 million. Last month, the company lowered its revenue view to a range of $49 million to $50 million, citing delays in releasing mobile games to the Android phone market.
Additionally, the company announced that it will hold its annual general meeting of shareholders at 42/F, Edinburgh Tower, The Landmark, 15 Queen's Road Central, Hong Kong, China on August 29, 2013 at 4:00 p.m. (local time). No proposals will be submitted for shareholder approval at the annual general meeting. Instead, the annual general meeting will serve as an open forum for shareholders and beneficial owners of the Company's ADSs to discuss the Company's affairs with management.
DryShips Inc. (NASDAQ:DRYS) shares increased 1.44% to $2.12 in the last trading session. The company on August 7 announced its unaudited financial and operating results for the second quarter ended June 30, 2013. For the second quarter of 2013, the Company reported a net loss of $18.2 million, or $0.05 basic and diluted loss per share. The Company reported Adjusted EBITDA of $112.3 million for the second quarter of 2013, as compared to $140.2 million for the second quarter of 2012.
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Additionally, the company on July 23, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. ("Ocean Rig"), announced that Ocean Rig has signed definitive documentation with Total E&P Angola, following the previously announced Letter of Award, for its ultra deepwater drillship "Ocean Rig Skyros." The contract is for 5 wells or a minimum of 275 days for drilling offshore West Africa, with an estimated backlog of approximately $190 million, and is expected to commence upon delivery of the drillship from the shipyard, in October 2013.
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