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

To: VLAD who wrote (31345)	11/1/1998 6:22:00 PM
From: Richard D	Respond to of 95453

Sunday November 1, 5:20 pm Eastern Time (FROM YAHOO/BARRON'S) Schlumberger may acquire a U.S. rival - Barron's NEW YORK, Nov 1 (Reuters) - Schlumberger Ltd. (NYSE:SLB - news) may be in the market to acquire a rival oil services firm now that prices for petroleum assets are cheap, according to a report in the November 2 Barron's issue. Schlumberger, with about $4 billion in cash, may target Houston-based Smith International Inc. (NYSE:SII - news). Smith has a stock market value of $1.7 billion, down from a peak of $4.2 billion a year ago, said the article. ''Oil and gas stocks are incredibly cheap if you can wait one or two years for them to bound back,'' said Wayne Nordberg, vice chairman of Keefe Bruyette & Woods Asset Management, in the article. Schlumberger specializes in extracting oil from hard-to-reach places and perfecting technology to get oil out of the ground fast and cheap. ''A lot of easy oil has been found,'' said Schlumberger's Chief Executive Euan Baird in the article. ''The harder it gets, the better it is for Schlumberger because more technology is required.'' Baird told Barron's he expects the company's revenues to fall 10 percent next year, with a recovery not expected until the year 2000. In 1997, the company posted net income of $1.3 billion on $10.6 billion in revenues. A consensus estimate of 24 analysts put the company's 1999 net income at $2.42 per share, down from the $2.60 per share estimated for this year, according to First Call. In 2000, three analysts expect the company to post $3.31 per share. In recent weeks, shares of Schlumberger have rebounded on the New York Stock Exchange to 52-1/2, from a 52-week low of 42-1/2, but well off their 52-week high of 94-7/16. On Friday, Smith International shares rose 2-1/2 to 35-15/16 on the New York Stock Exchange, well off a 52-week high of 83-3/16.

To: VLAD who wrote (31345)	11/2/1998 6:26:00 AM
From: SliderOnTheBlack	Read Replies (2) \| Respond to of 95453

RE: LT - No ''attacks'' here, but humor is definitely called for with the Loquacious one... LT; timing is everything; here is the most successfull Short Selling Hedge Fund Manager of this year, with his current take on the market. PS: he's now long and has covered ALL shorts - go figure ? From theStreet.Com (subscribe) <<Consider Doug Kass' case. The general partner and founder of Kass Partners, Kass says he had nearly all short bets in the year's first half and was down as a result. But then he gained 38% in the third quarter, putting him up 26% year to date. But while he runs a short-oriented shop, for the first time since late 1996 he has now covered all shorts and holds net long investments. >> Unfortunately LT, there is no historic model for successfully fighting the Fed; NONE. Don't fight the tape, the trend is your friend... don't spit into the wind, mess with Jim, or Alan G... Now; down the road... that would be another story. If you said; we were setting ourselves up for one of the greatest inflation plays (read commodities/oil) in history down the road - due to the Fed and the World's required over- demand stimulation & rate cuts. Then- only then; would I give you credit for being RIGHT ! For one of the great ''predictable'' runs is going to occur shortly. Ride the Bull/Fed Rate Cute train to its top; then play the commodity/demand play; then - step 3, short this ''propped up disaster waiting to happen'' market... because at that time; we will be in uncharted waters...and to unwind everything; as we will have to be fighting inflation - all most by definition; - due to our actions presently; we will have created the scenario where the cure will be the sickness shortly. Liquidity and low rates will lead to inflation; with ''propped up'' artifically enhanced corporate earnings; when we will be required to raise rates; to cut liquidity - to keep the Inflation Genie bottled up.... Then the ultimate Bear Market will be in play; but not beforehand.. LT; it's just NOT that hard to figure out... This is one of the great play now & pay later scenarios in history. The $64 question is; Will Alan Greenspan be around when the time comes to ''unwind'' or ''reign it in'' ?