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

To: SJS who wrote (20039)	4/22/1998 4:43:00 PM
From: Bazmataz	Respond to of 95453

Thanks. I haven't had a good chance to go over the details yet.. Appreciate it... Baz

To: SJS who wrote (20039)	4/22/1998 5:00:00 PM
From: Czechsinthemail	Read Replies (1) \| Respond to of 95453

Steve, I think you're right about the softening day rates theory with NE. I think the stock had been over-hyped going into the earnings report and the news of softening rates in the Gulf plus not exceeding estimates caused some to cash in their chips. The vulnerability of NE's jackup market to weakening dayrates may cause some to rethink their valuation of the company, particularly in comparison with more strictly deepwater companies like RIG and DO and lower priced jackup companies like ESV. NE had a good report and the company will do fine. But we may be back to another drop for the drillers particularly if oil prices are weak. If so, NE's stock performance may be relatively weak in the short run. Like many others, it will provide those with any cash left another buying opportunity. good luck, Baird