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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Evolution who wrote (69454)7/11/2000 3:57:51 PM
From: Think4Yourself  Read Replies (3) of 95453
 
re: OSX +10! Wow! Can somebody tell me what caused such a move?

Perhaps all the doom and gloom talk on this thread the last week? :o)

More likely the fund managers had an epiphany that earnings will be pretty good throughout the industry, and that exploration budget increases are going to be announced with earnings.

Fought the urge to take some profits today. This is only the beginning. Most of my holdings are going to see a multiple expansion in the next few weeks. One might ask why the E&P's justify a multiple expansion? Mainly because they are not throwing all their cash at the drillbit. They are paying down debt, buying back stock, and otherwise strengthening their balance sheets. The E&P's finally appear to "get it". What is really odd is that while the E&P's are driving down debt on a massive scale (and otherwise increasing shareholder value) the drillers are doing the exact opposite (debt offerings, shelf offerings).
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