Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: marc chatman who wrote (12878)	2/26/1998 8:40:00 AM
From: JZGalt	of 95453

<<They just announced the Merrill downgrade on squawkbox at 8am.>> It's not that big of a deal (unlike their semiconductor downgrade a while back). They are trimming numbers 5-7% for 1998 and about the same on the 1999 numbers they have out. Some 1998 numbers are unchanged. They are concerned about smaller oilfields shutting down as well as a reduced estimate in natural gas drilling activity. Still bullish comments on the deep water drillers (DO and RIG) as well as those drillers expanding into this area (NE and GLM). Also mentioned RON's increasing exposure to deep water. The reality is there is nothing we haven't said on this thread already. Be concerned about the land drillers, but be carefully examining the deep water related issues for bargains when the whole group gets smashed. ---- Dave

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