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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Tulvio Durand who wrote (6805)1/7/1998 4:17:00 AM
From: Bazmataz  Read Replies (1) of 95453
 
I almost wish there had been or were downgrades in earnings. If all earnings estimates remain what they were or became when the industry was hot, then expectations may still be high, despite rapidly declining stock prices. This can make for a dangerous mix, because if any disappointments arise, these stocks may continue south or establish bases at these low levels. I would rather have seen earnings downgrades preceding these stock declines. Then, the potential for upside surprises would have been greater, and stocks could have a better chance of rebounding. To answer your question, I'm unaware of any downgrades in earnings. In fact, Zacks upgraded earnings for RIG by 1 cent tonight.

BC
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