Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: wlheatmoon who wrote (9623)	1/25/1998 11:52:00 AM
From: Thean	Read Replies (2) of 95453

The New York Time article on the Oil Services stocks and FGII is still there at: search.nytimes.com It's worth registering for New York Time if you have not done so. Free for the US residence. Glen and Kiri, maybe you two should consider putting <off-topic> at the beginning of your posts. Looks like personal stuff to me. Read what Baird says in post #9608. If quality posts have to fight personal chit-chat for space here, they will disappear. We have lost quite a number of great contributors on this thread over the last year. Remember Razors and Aggies? Now, just for some fun, can anyone guess who said this on Nov 10, 1997? (Hint: We all rediculed his/her at the time because he totally lacked grace. Still don't think his/her posts are of much quality and still not completely true but it's good to have counterpoints on this thread to shake people up. If he/she could learn to be more graceful, maybe lots more people here would not have lost so much money.) He/she wrote: "Wake up. People. The tide has turned. Iraq will soon be back exporting oil. Oil services stock will give back all their gains last 6 month. The rebound this morning is simply big money pushing price up so they can resume dumping in the afternoon from higher level. Many hot stocks in this sector have PS ratio near 9 and PE ratio over 30. Such valuation can only be justified if earnings are expected to double. This is very unlikely now that expected demand growth from Asia vaporized and Iraq is making some kind of secret agreement that will lift the sanctions in the near future. Expect companies to announce exploration budget cut backs in the next month and the drilling services company PE to fall to 10 which will cut stock prices by half or more."

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