DryShips Inc. DRYS shares dipped 67.7 percent to $23.56. DryShips announced a registered direct offering to raise roughly $20 million. The company says the cash will be used to pay down some of its massive debt load. In addition to the $20 million, the company says it may receive up to an additional $80 million if all preferred warrants associated with the offering are exercised.
First Solar, Inc.FSLR shares fell 5.1 percent to $31.15 after the company announced plans to cut 27 percent of its global workforce and issued a weak sales forecast for 2017. However, the company raised its adjusted profit guidance for 2016.
Cisco Systems, Inc.CSCO shares declined 5.1 percent to $29.97. Cisco reported upbeat earnings for its fiscal first quarter, but issued a weak outlook for the current quarter.
Wal-Mart Stores, Inc.WMT fell 3.9 percent to $68.61 after the company reported third quarter results. Wal-Mart said it earned $0.98 per share in the quarter on revenue of $117.2 billion. Analysts were expecting the company to earn $0.96 per share on revenue of $118.7 billion.