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

To: BigBull who wrote (67782)	6/7/2000 10:16:00 AM
From: Terry D	Read Replies (1) \| Respond to of 95453

This makes sense - solid API's balanced by bearish comments from Tellez of Mexico and Rodriguez of Venezuela equals OSX 113. You have to produce the oil to come out of the reopened tap. Meanwhile, non-NA rig count was up 25, up across the board except for -3 in Europe. And US count is strong. Goldman thinks we will have 2Q upside surprises - likes HAL SLB CAM NOI SDC. t d

To: BigBull who wrote (67782)	6/7/2000 10:58:00 AM
From: Terry D	Read Replies (1) \| Respond to of 95453

BB - OT/FYI Saw this is this morning's pile of emailed research - (this is from Bear) Starwood Hotels & Resorts (HOT - $29 «) Buy Target: $33-$36 Q2 Update Market Cap: $5.6 Billion Index: NYSE Composite, Russell 1000 Jason Ader - Lodging HOT is having a strong Q2, led by outstanding performance from the North American Portfolio. North American RevPAR growth is tracking at Q1 growth levels, when the portfolio saw 9.5% growth. RevPAR strength continues to come from both rate and occupancy as Starwood brands continue to capture market share. Despite strong North American results, we are holding our $0.53 estimate for the quarter due to uncertainty regarding the impact of continued currency weakness in Europe and tepid results in Latin America. HOT trades at 7.0x and 6.2x our 2000 and 2001 EBITDA estimates. Our DCF analysis supports an asset value of $33-$36 per share, or 6.5x-7.0x our 2001 EBITDA estimate. We reiterate our Buy. Bear Stearns: 12/2000E $1.86; Q2 $0.53 12/2001E $2.20 Consensus: 12/2000E $1.87; Q2 $0.53 12/2001E $2.18 Consensus Rating: 1.6 (last updated 6/6)