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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: diana g who wrote (32163)11/27/1998 9:03:00 AM
From: marc chatman  Read Replies (2) of 95453
 
Is there a positive way to spin it?

Actually, this could be as bad as it gets. What else could move the sector down? Another round of earnings warnings? Some more year-end tax loss selling (for those unfortunate enough to have bought in the past few weeks)? Everyone knows oil is going to single digits, so that must be priced in by now.

Some of the worst businesses have literally sky-rocketed in price over the past couple of months -- some which probably will not be around in a few years. So, why not OS?

As I'm typing, CNBS addressed a question I recently had. They suggested that combinations like Exxon/Mobil will not be good for OS, since exploration budgets will be combined. They didn't go into the issue in depth or cite any industry expert, so take it for what it's worth.

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