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Gold/Mining/Energy : CLIFFS DRILLING (CDG)
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To: NCKEV who wrote (443)8/3/1998 7:04:00 PM
From: VLAD  Read Replies (1) of 474
 
Well here we go again, another 52 week low both trading and closing!

The thing that eats me is that there is no selectivity in these driller stocks--they just all get sold off in baskets depending on the price of crude oil.

Now listen to this for a good hard laugh.

Here are some earnings numbers by quarter and approximate stock prices at the time of earnings:

June'97 .78 35
Sept'97 .79 50
Dec '97 .88 63 (high of 82)
Mar '98 .90 40
June'98 .86 24

So now we have a share price of 19 15/16 with last quarter's earnings of .86/share and this quarter's earnings projected to be 1.04.

Now I know that 1.04 will probably be revised downwards in the range of the mid to lower .80's.

But so what?

How can you justify a trading price as high as 82 when that quarter gave us earnings of .88 and now we are trading at over 75% below this and the last quarter's earnings were .86 or only 2.3% below the quarter where we hit 82?

This market is a sick joke to say the least! Garbage like Micron which will lose money (and a lot of it) through FY'99 goes up every day for the last 6 or 7 trading days and companies such as Cliff's with solid earnings continues to get whittled down in a sector that is sold off beyond the drop in oil prices.

Oh yea, we now have a PE of 5.74 trailing and 5.21 for FY'98.

This is just CRAZY. Just CRAZY!
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