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

To: Lazlo Pierce who wrote (13319)	3/2/1998 6:20:00 PM
From: Czechsinthemail	Read Replies (1) \| Respond to of 95453

Dow Jones reported that James Falvey, former Smith Barney oil analyst not with Dresdner Kleinwort Benson was initiating coverage on major oil companies: "Falvey Monday said the market still hasn't fully discounted the plunge that crude oil prices have taken since October, and so consensus earnings estimates for the major oil companies are still too high. He expects a modest price recovery in late spring or summer, but urges caution. Stock prices are still too high to make this a broad-based buying opportunity." Falvey recommends a modest underweight position short term. He expects 1998 earnings for the group to be down 23% from 1997. Baird