Diana Containerships' Stock Plummets After Plans For Second Reverse Stock Split In a Month

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of Diana Containerships Inc. plummeted 31% toward a record low in premarket trade Wednesday, after the provider of shipping transport services said it will effect a 1-for-6 reverse stock split. The stock will begin trading on a split-adjusted basis on or about July 27. That would be the second reverse split this month, after a 1-for-7 split went into effect on July 5. The stock recently traded at 32 cents ahead of the open, which is below the previous record low close of 45 cents, most recently hit on July 21. The stock has plunged 97.6% year to date through Tuesday, while the S&P 500 has gained 10.6%.

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