Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Razorbak who wrote (56616)	12/9/1999 9:31:00 PM
From: Gary Burton	Respond to of 95453

O/T---Anyone using IE5 now? What differences do you notice vs IE4--eg is it noticeably faster in opening web pages ? etc etc. thanks

To: Razorbak who wrote (56616)	12/9/1999 10:00:00 PM
From: Gary Burton	Read Replies (1) \| Respond to of 95453

In my view, the charts of many E&P's still look lower--There is no MACD positive divergence to hang one's hat on as signalling a break in the downward momentum to a point that an upward move could be sustained. whether one uses a 3/10 day MACD or a 5/17 day MACD or a bit higher, yesterday the MACD's hit a new low for the move, along with the print low on price--so no divergence yet. In general, in trying to catch a falling knife in the stock market, one should at least have a positive MACD divergence on one's side, and preferably more than one. We don't even have one yet folks. And that implies we have more downside in price to come. My 2c for tonight.

To: Razorbak who wrote (56616)	12/10/1999 9:08:00 AM
From: Meridian	Read Replies (1) \| Respond to of 95453

BHI up 3/4 to 20 in London trading eom

To: Razorbak who wrote (56616)	12/10/1999 9:18:00 AM
From: Tomas	Respond to of 95453

Accounting disparities rake stock - Baker Hughes' value off after another warning By NELSON ANTOSH Houston Chronicle, December 10 The latest in a series of adverse developments, this time accounting irregularities at its Inteq drilling systems group, sent the stock of Baker Hughes falling Thursday. After trading as low as 15, the stock staged a partial recovery to close at 19 1/4 on the New York Stock Exchange, down 3 1/4. As recently as early September, Baker Hughes' stock was in the 35 range. Late Wednesday, after the stock market closed, the company disclosed "various accounting issues" at Inteq that are expected to cost it $40 million to $50 million before taxes. This also caused the Houston-based company to cancel a $200 million bond sale that was arranged earlier this week. The note was to have been used to refinance debt and buy a seismic vessel. In short order, a New York law firm, Abbey, Gardy & Squitieri, announced that it was initiating a class-action lawsuit on behalf of shareholders. It claims the company violated securities laws between May 3 and Dec. 9, using misleading statements about its financial condition. At least four Wall Street analysts lowered their ratings for Baker Hughes, although others like Jim Wicklund of Dain Rauscher Wessels in Dallas reiterated his "strong buy" recommendation. None of this will affect Baker Hughes' 2000 earnings or its cash flow, said Wicklund, "and by most valuation measures Baker is an incredibly cheap stock." Its stock is trading at a dramatic discount to its peer group, he said. The oil-field service industry is in a recovery mode that will propel it forward in 2000 and possibly 2001, said Wicklund. Investors were rattled by the part of the company's announcement saying it may restate earnings from prior periods, said Wicklund, which he likened to "yelling fire in a crowded movie theater to investors." Failing to elaborate on the accounting irregularities, which may have occurred over a period of years, creates investor uncertainty, according to Wicklund. Early this month, Baker Hughes announced it was taking a $130 million charge primarily because of weakness in its seismic sector, but taking a charge in this kind of business "is no big thing," said Wicklund. In early November, the company warned that its fourth-quarter earnings would be lower than expected. "There has been a string of bad news, and I think there has been an awful lot of frustration on the part of investors," said Joe Agular of Johnson Rice in New Orleans. But from an investment standpoint he calls Baker Hughes is a solid company "with great products and technologies." Its Inteq group generates probably 20 percent of Baker Hughes' revenues, said Agular. It provides directional drilling services and technologies such as logging while drilling. The company has offered few details on the accounting problems at Inteq, saying only that it is still in the process of determining their extent and impact. The problems were discovered by the company's internal audit department. No cash outlays are likely to be required as the result of the discovery, it said. chron.com