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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (16271)	1/25/2003 5:27:01 AM
From: Don Earl	Read Replies (1) \| Respond to of 78704

<<<BHI reported a nice uptick in active rigs this week.>>> That was one of the things I wanted to look at over the weekend. Rig counts tend to vary a LOT from week to week, especially this time of year when the drillers need frozen ground up North in order to move equipment from place to place. Looking at the monthly numbers for 2002, it appears market conditions are still pretty soft, at least in North America. A lot of that is the shift away from the Gulf of Mexico, but the worldwide counts are down quite a bit from 2001 also. I did go over GLBL a little bit, and from what I can see so far, I'd tend to agree with you that it looks awful cheap for what it appears to be. One thing I ran across which I found interesting is Mellon Bank recently filed 13G's on both GLBL and VTS. I'm not sure if that's good or bad. From some of things I've seen Mellon load up on, I'm not sure what their investment strategy is, but it can't have much to do with turning a profit. They seem to like holding on to cyclical stocks like grim death, and ride them all the way to the top, then all the back down again. Oh well. I'd be kind of curious to get your take on why GLBL is getting punished as hard as it is considering the kind of numbers they've been turning in for the last year or so.