Gabelli just picked up some shares of WHX. Of late he seems to have
had a good grasp of what's up in the market. So why is he buying
an overleveraged steel company coming off a nasty strike, with a
history of bankruptcy to boot? Well, WHX is down below 11 again,
and seems a much-changed stock than when it was first brought
up here back in early 97. Scott Mc, if you're there, what's your
opinion on the best way to play this one now, if you think there
is a way? Other comments welcome.
Also, the oilpatch is getting hit again. I forget who, but we have
in the past had some pretty knowledgeable posters on the oilpatch
show up here. On valuation measures
like cash flow, decent dividend, high ROE+ low P/b
and PSR, safety in the balance sheet, stock buyback support,
and sector leadership, Tidewater stands out as a safe way to play
any rebound. Anyone else looking at the sector now? News from
OPEC and the majors seems terrible, but is it an opportunity for
a 2-3 year hold?
Mike |
