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

To: ezspkns who wrote (71358)	8/22/2000 12:27:02 PM
From: ItsAllCyclical	Respond to of 95453

No reason to gamble on FGH even at these levels imho. Still plenty of laggards with better upside with fewer questions. (NSS, WG, KEG, PGO, ATW, GW, PKD, TESOF) If FGH continues to have financial difficulties it'll become a self-fulfilling prophecy. How many drillers will want to get work done with a company that may or may not be around in a year? The recent cancellation of the their proposed offering is very telling. No position long on short on FGH currently. I will re-consider it in another 3-6 months if the financial picture becomes clearer. As has been pointed out several times, this cycle may or may not include a rig build boom. The safest way to play FGH imho is to miss the first 25-75% of appreciation. (assuming it ever comes). Wait for the picture to get very clear. There will still be plenty of investors who want out on any decent bounce since it's been dead money for soooo long. Kudos once again to Slider who called it first.

To: ezspkns who wrote (71358)	8/22/2000 12:27:42 PM
From: The Ox	Respond to of 95453

11:26 CRB/BRIDGE COMMODITIES INDEX FALLS 0.4% TO 221.12 11:25 [$XNG] AMEX NATURAL GAS INDEX UP 1.4%; SEPT. GAS DOWN 6.7 CENTS TO $4.68/MLN BTUS 11:21 [XOM] EXXON MOBIL UNIT ESSO EXPLORATION MAKES 8TH DEEPWATER OIL DISCOVERY ON ANGOLA BLOCK 15 11:18 MARKET EXPECTS API TO REPORT 0.8 MLN TO 1.2 MLN BARREL DROP IN GASOLINE STOCKS - BRIDGE 11:18 MARKET EXPECTS API TO REPORT 2.5 MLN TO 2.9 MLN BARREL RISE IN DISTILLATE STOCKS - BRIDGE 11:17 MARKET EXPECTS API TO REPORT 0.3 MLN TO 0.7 MLN BARREL RISE IN CRUDE STOCKS - BRIDGE NEWS 11:16 [$OSX] PHLX OIL SERVICE INDEX UP 0.5%; SEPT. CRUDE DOWN 67 CENTS TO $31.80/BARREL 11:16 [$XAU] PHLX GOLD AND SILVER INDEX UP 0.8%; DEC. GOLD DOWN $1.40 TO $278.60/OZ. 10:56 [FGH] FRIEDE GOLDMAN HALTER WITHDRAWS PROPOSED DEBT OFFERING DUE TO TERMS UNACCEPTABLE TO COMPANY 10:53 [RIG] TRANSOCEAN SEDCO FOREX UPPED TO 'BUY' FROM 'ACCUMULATE' AT SOUTHWEST SECURITIES 09:31 [RIG] TRANSOCEAN SEDCO FOREX UPPED TO 'BUY' FROM 'ATTRACTIVE' AT BEAR STEARNS 09:00 [TX] TEXACO CUT TO 'HOLD' FROM 'BUY' AT ING BARINGS 08:44 EUROPEAN UNION ASKS OPEC TO INCREASE OIL PRODUCTION TO BRING DOWN PRICES