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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Gary Burton who wrote (54709)	11/14/1999 1:43:00 PM
From: pz	Respond to of 95453

Re: MDR For what it's worth, this site predicts MDR will be 11.65 within 5 days. stock100.com target=main Kind of interesting anyway. Paul

To: Gary Burton who wrote (54709)	11/14/1999 2:52:00 PM
From: Return to Sender	Respond to of 95453

McDermott sinks to decade-low Losses at minority-owned joint ventures pressure results By Myra P. Saefong, CBS MarketWatch Last Update: 4:26 PM ET Nov 12, 1999 NEW ORLEANS (CBS.MW) -- Shares of energy services heavyweight McDermott International dropped 35 percent Friday to the lowest level in at least a decade after the company reported second-quarter earnings below consensus estimates. The New Orleans-based company's stock (MDR: news, msgs) fell 4 13/16 to 8 3/4, a new 52-week low and its lowest level in at least 10 years, according to Kurt Hallead, analyst at Merrill Lynch. McDermott International attributed the decline in earnings to losses at its minority-owned joint ventures, also known as investees. On Thursday, the company reported second-quarter net income of $3.6 million, or 6 cents a share, compared to the year-ago profit of $50.9 million, excluding a one-time gain, or 84 cents a share. See statement. Analysts surveyed by First Call expected the company to report a 19-cent profit for the second quarter. Results for the second quarter of 1999 included a $6.8 million loss from investees. Second-quarter revenue slipped to $595.9 million from $780 million a year ago, primarily due to a decline at investee J. Ray McDermott, the company's marine construction services segment. During the same quarter a year ago, the company saw a loss from equity investees of $3.2 million. The latest data also includes losses at J. Ray McDermott and a loss at a power generation segment investee. The segment's revenue fell to $175.2 million from $349.1 million a year earlier. McDermott's backlog, or accumulation of tasks yet to be done, grew to $3 billion from $2.6 billion a year and a half earlier as bookings in the service and original equipment markets of the power generation segment improved. On Friday, however, Hallead, said the decline in stock price to has more to do with investors' fear of the company's increasing out-of-pocket payments, rather than the latest earnings results. "The big issue here is their out-of-pocket payments [which] continue to escalate at a fairly rapid rate," he said. As a result, Hallead downgraded the stock to "near-term neutral, long-term accumulate" from a "near-term accumulate, long-term buy." cbs.marketwatch.com Backlog higher, sell off overdone in my opinion. I think the company is doing everything it can to downplay its financial strength in an effort to reduce settlement liabilities in these asbestos suits. Investors are advised to do their own due diligence. Anything that I may state, in any post, is merely an opinion based on prior experiences and future expectations. I may have a long position in this stock and as such I am biased by my own expectations. I invest to make money. As always, I am looking for a big return to Sender