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Politics : High Tolerance Plasticity

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To: Second_Titan who wrote (4251)	5/7/2001 5:02:47 PM
From: chowder	Read Replies (2) of 23153

Hi Que! Earlier today the E&P sector had a catalyst going for them. Two merger announcements were made. This should have shot the XNG higher! It did early in the trading session and then backed off. Backing off in the face of a catalyst isn't what I'd consider a good sign. I freely admit I could be wrong, but the failure of the XNG to rally is bearish for the sector from my point of view. I don't doubt that the energy sector will pick up this summer, I just happen to think it drops near term. What about analysts estimates now that the price of NG is dropping? Do the E&P's guide lower? Do they hit the higher valuations with lower NG prices? And if they don't, how do they compare with the higher comparisons in the past? It certainly looks like a lot of uncertainty to me. It is still the price of gas isn't it? I know these companies make lots of money with $3.50 gas, but they don't meet comps or justify higher valuations. Just my humble thoughts, I'm trying to maintain an open mind. dabum

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