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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Olaf Koch who started this subject9/28/2001 3:20:17 PM
From: Pete Young  Read Replies (2) of 95453
 
RESEARCH ALERT-ABN downgrades oil service/drilling stocks
NEW YORK, Sept 27 (Reuters) - ABN Amro on Thursday said it had cut its rating on several oil service and drilling stocks, saying the industry faces a ``wider and broader earnings valley.''

Analyst Matthew Conlan cut his ratings on Pride International Inc. (NYSE:PDE - news), Transocean Sedco Forex Inc. (NYSE:RIG - news) and Superior Energy Services Inc. (NYSE:SPN - news) to ``hold'' from ''buy.''

Conlan also cut his earnings estimates on Noble Drilling Corp. (NYSE:NE - news) due to rapid declines in pricing and utilization of Gulf of Mexico jackup rigs during the past two months. He cut his estimates to $2 a share from $2.10 for fiscal 2001, and to $2.35 from $2.75 for fiscal 2002. He lowered his rating on Noble to ``add'' from ``buy.''

Shares of Pride International and Transocean Sedco closed at $9.75 and $24.35, respectively, on Wednesday on the New York Stock Exchange. Superior closed at $6.32 and Noble closed at $21.80.

Roughly translated as : "Git yer greasy hoi poloi hands off those OS stocks; we're trying to accumulate them!" Seems that they were loading people up with them near the top....same ole story.
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