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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Todd N who wrote (28413)8/26/1998 4:47:00 PM
From: Thomas J Pittman  Read Replies (2) of 95453
 
I have been looking at RIG in particular and the sector
in general in exactly the light that you mention. RIG
currently seems the clearest case of a stock value
driven low by near panic.

Of course, the falling knife thing is a concern.
I am not into TA so I couldnt tell you where there
is a 'support level'. I would be interested in
having a definitive stmt of the book value of the
company and to what level we are currently approaching
that.

I think the key is how the future earnings are going
to be affected by the current downturn. As you point
out, even if estimates and earnings are cut in half,
the current level does not seem outrageously overpriced.

J
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