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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: JGreg who wrote (4882)12/11/1997 6:37:00 PM
From: John Carpenter   of 95453
 
RIG has an active repurchase program. The largest holder of
DO is Larry Tisch's LTR. LTR is effectively reducing its stake
in DO by issuing $1B in convertible bonds at a price of $65.

I've spoken with representatives from both companies.
I'm more impressed with the RIG people.

The fact that the price spread betwwen these two companies
is narrowing seems consistent with the facts. Even though
DO is projected to earn $3.25 in '98 vs. RIG's $3.00, DO's
current quarter estimates are being revised downward.
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