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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine) -- Ignore unavailable to you. Want to Upgrade?

To: XPLAY who wrote (514)	11/20/1997 2:49:00 PM
From: arizona_ice_tea	Respond to of 2282

Oil service shares bounce back after selloff NEW YORK, Nov 20 (Reuters) - Shares of oil service companies rose Thursday as investors took advantage of several straight days of weakness in the sector to snap up bargains, analysts said. Patterson Energy Inc (Nasdaq:PTEN - news), which fell more than four points Wednesday, was up 2-1/16 at 40-9/16 in late morning trading. Friede Goldman International Inc (Nasdaq:FGII - news), off more than six points on Wednesday, was up 4-1/16 at 36-3/4. Global Marine Inc (NYSE:GLM - news) gained 1-9/16 at 28-3/16, Baker Hughes Inc (NYSE:BHI - news) rose 1-5/16 at 43-7/16, and Transocean Offshore Inc (NYSE:RIG - news) advanced 3/4 at 49-7/8. Global Marine, Baker Hughes and Transocean were among the most active issues on the New York Stock Exchange. ''It was a climactic blowoff,'' Rauscher Pierce Refsnes analyst James Wicklund said of Wednesday's selloff, sparked by profit-taking and fear that oil driller stocks were too widely held. ''So much of this is being driven by seasonal mentality and portfolio managers looking at their annual bonuses,'' he said. ''The reality is that for anyone with an investment time horizon past Decmeber 31, this is a hell of a buying opportunity.'' The oil services group had been one of the strongest performers on Wall Street this year before the recent pullback. Yesterday Prudential Securities said the sector was oversold and that its fundamentals remained sound. It reiterated buy ratings on several stocks, including Patterson Energy and UTI Energy Corp (AMEX:UTI - news). Morgan Stanley plans a meeting about the sector this afternoon. A source close to Morgan Stanley said the firm would reiterate the sector's positive fundamentals. More Quotes and News: Baker Hughes Inc (NYSE:BHI - news) Friede Goldman International Inc (Nasdaq:FGII - news) Global Marine Inc (NYSE:GLM - news) Patterson Energy Inc (Nasdaq:PTEN - news) Transocean Offshore Inc (NYSE:RIG - news) UTI Energy Corp (AMEX:UTI - news)