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

To: Roebear who wrote (64749)	4/17/2000 11:10:00 AM
From: Winkman777	Read Replies (1) \| Respond to of 95453

WFT spun off Grant Pridco moneycentral.msn.com Grant Prideco Completes Spin-Off from Weatherford International, Inc. April 17, 2000 09:52 AM Eastern Time THE WOODLANDS, Texas, April 17 /PRNewswire/ -- Grant Prideco, Inc. GRP today announced that it has completed its spin-off from Weatherford International, Inc. WFT . The spin-off establishes Grant Prideco, formerly a wholly owned subsidiary of Weatherford, as an independent, publicly traded company. "We are looking forward to the greater growth opportunities that will be available to us now that the spin-off is complete," said John Coble, President and Chief Executive Officer of Grant Prideco. "The separation of our business from Weatherford will allow us to expand in the tubular and drilling markets by leveraging off our leading position as the world's largest provider of drill pipe and other drill stem products." Plans for the spin-off were announced July 21, 1999 and Weatherford's

To: Roebear who wrote (64749)	4/17/2000 11:12:00 AM
From: Wowzer	Read Replies (1) \| Respond to of 95453

This explains WFT's drop. One for one stock distribution of GRP. Add back GRP and you are made whole..... Company Press Release SOURCE: Grant Prideco, Inc. Grant Prideco Completes Spin-Off from Weatherford International, Inc. THE WOODLANDS, Texas, April 17 /PRNewswire/ -- Grant Prideco, Inc. (NYSE: GRP - news) today announced that it has completed its spin-off from Weatherford International, Inc. (NYSE: WFT - news). The spin-off establishes Grant Prideco, formerly a wholly owned subsidiary of Weatherford, as an independent, publicly traded company. ``We are looking forward to the greater growth opportunities that will be available to us now that the spin-off is complete,' said John Coble, President and Chief Executive Officer of Grant Prideco. ``The separation of our business from Weatherford will allow us to expand in the tubular and drilling markets by leveraging off our leading position as the world's largest provider of drill pipe and other drill stem products.' Plans for the spin-off were announced July 21, 1999 and Weatherford's Board of Directors fixed the close of business on March 23, 2000 as the record date for the spin-off to Weatherford's stockholders. The distribution of one share of Grant Prideco common stock for each outstanding share of Weatherford common stock was completed at the close of business on April 14, 2000. Weatherford International, Inc. and its predecessor company, EVI, Inc., was the parent company of Grant Prideco for 10 years. Houston-based Weatherford is one of the largest global providers of innovative mechanical solutions, technologies and services for the drilling and production sectors of the oil and gas industry. Grant Prideco (http://www.grantprideco.com), headquartered in The Woodlands, Texas, is the world's leader in drill stem technology development and drill pipe manufacturing, sales and service, in addition to being North America's pre-eminent source for engineered connections and premium tubulars. SOURCE: Grant Prideco, Inc. More Quotes and News: GRANT PRID (NYSE:GRP - news) Weatherford International Inc (NYSE:WFT - news) Related News Categories: oil/energy

To: Roebear who wrote (64749)	4/17/2000 11:13:00 AM
From: Big Dog	Read Replies (1) \| Respond to of 95453

From Frost Securities this morning: Momentum clearly has capital flowing out of higher valued sectors. We believe that capital should be put to work in the thriving energy sector. Even after the 34% decline in the NASDAQ Composite Index over the past month, many of the stocks that comprise the index remain overvalued relative to energy stocks. For example, the adjacent table summarizes the average price to trailing earnings multiples of the companies which comprise the NASDAQ Composite Index, the Oilfield Service Index, and Amex Oil Index (XOI) as of Friday?s close. It should also be noted that these multiples represent trailing earnings. Since earnings for energy companies are rapidly improving, these multiples understate the true valuation disparity between energy companies and technology companies. We believe the current weakness in technology-related stocks will lead investors to focus more on companies with solid earnings and earnings growth potential, like those in the energy sector. Given the very strong fundamental outlook, strong earnings visibility, and high earnings growth expected for energy companies over the coming years, we highly recommend that investors continue to add to positions in the energy sector, particularly in Frost Securities? recommended E&P and oilfield service company stocks. Average Index P/E Ratio NASDAQ Comp 141x OSX 63x XOI 28x Source: Bloomberg.