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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: RGinPG who wrote (14010)3/6/1998 4:56:00 PM
From: Czechsinthemail  Read Replies (1) of 95453
 
RG,
If the buyout doesn't pan out, MDCO will drop or be slower on the upside than the others. Of course if they do get an attractive buyout offer, all the drilling companies will take off to the upside.
Back in the real world, unless some miraculous OPEC announcement changes things, I think there is a good chance we will follow the oil trend and continue down on Monday. I sold off a bunch of MDCO today and moved it into ESV betting on what looks like a relatively better value. I considered keeping it in cash to wait out a further decline, but I think the drillers are fundamentally undervalued, and I've been impressed by the heavy buying that has come into them with virtually no support on the oil price front. I think the risk being out of drilling companies is greater than the risk of being in them.
Have a great weekend,
Baird
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