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: SliderOnTheBlack who wrote (26035)	7/20/1998 5:44:00 PM
From: VLAD	Read Replies (1) of 95453

Slider or anyone following CDG, Any reasonable explanation to justify today's sharp drop in CDG? I noticed that the bid was 23 5/8 and ask was 23 7/8 and then suddenly a block of over 100,000 shares went off on the NYSE at 23. Immediately the bid then dropped to 23 but the asked remained ar 23 7/8 for a while. I thought that possibly the specialist brought the price down in order to cross this trade. I can't understand why an institution would sell at such a loss unless they know something we don't but then another institution thought that buying this block was a good price so who really knows? I spoke with Cliffs last week and was told that they should hit their numbers and a share buy back was possible if the price remains low. I was also told that all 11 of their rigs in the Gulf of Mexico drill natural gas and not oil. I just can't understand why anyone would sell out at these prices unless they were margined. It is obvious that the price will eventually come back up so why would anyone take a large loss at this point in time???

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