Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: russwinter who wrote (5599)	5/5/2004 10:07:45 AM
From: mishedlo	Read Replies (2) of 116555

Oil-service stocks tank after B of A downgrade ($OSX) By Lisa Sanders DALLAS (CBS.MW) -- Oil-service stocks slumped in morning trading, one day after Banc of America analyst Jim Wicklund said he sees the cycle for high stock prices ending. Banc of America lowered its rating on the group to "underweight" from "overweight" and recommended investors sell the stocks. "We recommend reducing weighting rather than riding out the correction. This is NOT just a seasonal downgrade." Wicklund said he sees a decline in the U.S. rig count in 2005. Stock prices are driven by drilling activity in North America. The Philadelphia Oil Service Index ($OSX) lost 3.2 percent to 102.13.

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