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Gold/Mining/Energy : Ensco International Inc. (ESV) -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (1344)	6/25/1998 2:39:00 PM
From: David Lawrence	Read Replies (1) \| Respond to of 2005

Yeah, I saw that. We're not going to see any PE expansion with flat sequential estimates.

To: Gottfried who wrote (1344)	6/25/1998 6:30:00 PM
From: Carlson	Read Replies (3) \| Respond to of 2005

Gottfried, I spoke to the company yesterday. The spokesperson advised me that they felt comfortable with the earnings estimates for the June 30 quarter ( I believe this is 57cents per share). However he told me that the current analysts earnings were "aggresive" for the September 30 quarter. From our conversation I am expecting about 45 cents for the September quarter. The day rates have dropped significantly in the past couple of weeks. If these rates continue to drop I would think that the $1.98 needs to be revised downward. I also asked the spokesperson about the stockbuyback. ESV has started the buyback program, but he would not disclose to me how many shares were bought or at what price. I guess we will find that out in the next 10 Q. I have hedged my position by writing in the money covered calls and selling out of the money naked calls, since I don't expect much upward movement in the near term. By using this strategy I have effectively lowered my cost basis to about 16 per share.