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: E. Graphs who wrote (30537)	10/10/1998 1:05:00 AM
From: Douglas V. Fant	Read Replies (1) of 95453

E Graphs, Good to see the block trade on NE! I've been watching block trades on about five OS stocks- quiet right now. But alot of these OS stocks are trading below their historic average P/E and P/S and P/B ratios- so they are good values. The $64 question is when the market will choose to recognize those valuation variances form historic norms. On the tech side TER had two block trades of 400,000 and 1,000,000 shares each both on upticks today. TER's earnings are out October 13th, but I think a mutual fund etc. just took a big position. But techs are no different than OS stocks in a downturn. Some management will look to build value through acquisitions and consolidations. Acqusition activity BTW you probably noticed takes off when stocks in a secotr trade below historic long term valuation norms. We are at that point right now. Compare that say to brokerage stocks. For e.g. Merrill Lynch is down 50%- yet the stock still trades at a premium of 40% to its historic valuation norm. That suggests that the action will be in tech and OS stocks, and not brokerage stocks during this downturn... Sincerely, Doug F.

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