NATIONAL - OILWELL INC. (NOI) - undervalued/takeover ? Message Board

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Gold/Mining/Energy : NATIONAL - OILWELL INC. (NOI) - undervalued/takeover ?

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To: Richard B. Haenisch who wrote (20)	11/2/1998 8:17:00 PM
From: Richard B. Haenisch	Read Replies (1) of 44

As promised... Due to an interesting report on Reuters today, I will carefully digest Tuesdays analyst meeting with Schlumberger CEO Euan Baird and then decide if I will ride this "high flyer" any further up or if I will take profits. Here is the aforementioned article: New York, N.Y. Nov. 2nd (Reuters) - Shares of oil drilling and service companies rose sharply on monday after financial weekly Barron's said that Schlumberger Ltd. (NYSE: SLB) was on the prowl for an acquisition, analysts said. But they cautioned that the rally was due to retail buyers and said that the sector looked vulnerable. ...Barrons cited Smith International Inc. (NYSE: SII) as a likely takeover candidate, but a spokeswoman for Schlumberger said there appeared to be some confusion in the Barrons article, as Schlumberger had recently formed a joint venture with Smith and no acquisition was planned. ...Schlumberger chief executive Euan Baird will be addressing analysts in New York on Tuesday. Analysts noted that the OSX index is just coming off its October lows. "With oil companies setting their capital budgets in the next three to four weeks, the drillers look vulnerable and are going to pull back" said Lewis Kreps, analyst at Dain Rauscher. CAVEAT EMPTOR! -------------------------------------------------------------------- After NOI meteoric rise over the last couple of weeks (over 55%) it is quite possible that a well placed comment by Euan Baird could "spook" the entire oil equipment sector. Don't forget, if SLB is looking to buy an oil-equipment company wouldn't they want the price to be lower? On the other hand, if Baird gives any indication that the sector is undervalued - HELLO MID-TWENTIES! Let's wait and see! Rico

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