The Thread Formerly Known as No Rest For The Wicked Message Board

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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked

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To: Tim Luke who wrote (2530)	12/6/1998 12:08:00 PM
From: Tim Luke	Read Replies (3) of 90042

Friday December 4, 11:39 am Eastern Time RESEARCH ALERT-Dain Rauscher on offshore drillers NEW YORK, Dec 4 (Reuters) - Dain Rauscher Wessels has raised its rating on Diamond Offshore Drilling Inc. (NYSE:DO - news) to buy from neutral to reflect the company's strong revenues, stock buyback program and strong cash position. -- Analyst Lewis Kreps said in a research report that he expects Diamond to earn $2.00 per share in 1999 and $2.60 in 2000. -- Raised Noble Drilling Corp. (NYSE:NE - news) to strong buy from buy to reflect continuous earnings growth over the next two years, looking for $1.50 EPS in 1999 and $1.80 in 2000. -- Cut Pride International Inc. (NYSE:PDE - news) to neutral from buy due to uncertainty about six new semisubmersible rigs being constructed and short term uncertainty over the impact of these on the domestic drilling market. -- Cut Rowan Cos. (NYSE:RDC - news) to neutral from buy due to its heavy exposure to the U.S. jackup drilling rig market. -- Kreps said that the gloom and doom surrounding drilling companies was a buying opportunity as the group is trading below 30 percent of the replacement cost of building drilling rigs. -- ''Historically December has been the time to buy the energy services sector and we believe this year will be no different,'' Kreps said.

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