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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine)
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To: Elmer Flugum who wrote (507)11/18/1997 4:57:00 PM
From: DMaA  Read Replies (1) of 2282
 
>> Can you cut and paste?<<

That would be wrong but I will summarize:

It is VERY negative. Selling started last week because of rumors that Lehman Brothers analyst Paul Chambers was preparing to downgrade the group ( Turned out to be false ). They say "most people" think all the good news for the group is already reflected in the current prices. One analyst ( James Carroll who co-manages Loomis, Sayles Core Value Fund) is quoted a saying. "I fully expect we are going to get a pretty severe correction in the group over the next three to six months, perhaps 20% to 25%."

They then site large insider selling going on. Insiders are selling like crazy at Maverick Tube, Tidewater, Seitel, Baker Hughes and EVI Inc, Cliffs Drilling and Global Marine. Maverick chairman Gregg Eisenberg cleared out his entire exercisable options position and cut so-called "actionable" holdings by 57%, Tidewater Incs senior vice president is selling 45% of his stake in the company. Interestingly, while insiders in the oil service stocks are dumping, their counterparts in the major exploration & production companies like Mobil and Exxon are not.

The one lone - On the other hand - came from a firm that underwrites oil service offerings and thinks we are three years into a decade-long [up] cycle.

Lastly they site expectation of lowering of demand for oil from S. Asia ( and possibly S. America ) to pressure oil prices downward.
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