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Strategies & Market Trends : APMP (formerly APM) -- Ignore unavailable to you. Want to Upgrade?

To: tom pope who wrote (10983)	5/2/1998 9:33:00 AM
From: marc chatman	Read Replies (1) \| Respond to of 13456

I don't know the reason for TDW's underperformance. But look at HMAR for possibly a better comparison with a peer (and even that is not perfect, since, I believe, TDW also builds and repairs ships while HMAR just owns and operates). I haven't followed the fundamentals of the boat companies, but I would guess the market, at least, believes that there are too many boats, or too much pressure on rates, or too many boats coming on stream, or their boats are in the wrong area, or something that has nothing to do with the good fundamentals of the drillers. In short, I don't know. But it is possible that the supply/demand for boats could be unfavorable at the same time the supply/demand for rigs or oilfield services is favorable. I don't own TDW. The low valuation is interesting. Volume did pick up for TDW yesterday, so there is some interest. And HMAR shows a bullish hammer candlestick on increasing volume, which often precedes a run-up. I'll be watching closely. And if I don't go for it, there is still plenty of upside in my favorites, so I may add to those positions.