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

To: Jon Cave who wrote (36457)	2/1/1999 3:38:00 PM
From: R. Murphey	Read Replies (1) \| Respond to of 95453

Jon, Appears some of the money will try to churn the sector by rotating individual companies over a period of time. FLC was chopped two notches and probably accounts for the moves you see. In essence they are starting to focus on the sequence of recovery in the sector. The key word there is recovery. Is this the early stage of a selective boom?<G> RESEARCH ALERT - Morgan cuts oil drilling cos Reuters, Monday, February 01, 1999 at 10:58 NEW YORK, Feb 1 (Reuters) - Morgan Stanly Dean Witter analyst John Lovoi said Monday he cut oil drilling companies. -- Cut UTI Energy Corp (AMEX:UTI) and National-Oilwell Inc (NYSE:NOI) to a neutral from an outperform rating. -- Cut R&B Falcon Corp (NYSE:FLC) and Marine Drilling Cos(NYSE:MRL), Smith International Inc (NYSE:SII), Weatherford International Inc (NYSE:WFT), BJ Services Co (NYSE:BJS) and Cooper Cameron Corp (NYSE:RON) to a neutral from a strong buy. -- cut Baker Hughes Inc (NYSE:BHI), Cal Dive International Inc (NASDAQ:CDIS), Diamond Offshore Inc (NYSE:DO), Santa Fe International Corp (NYSE:SDC), Drip-Quip Inc (NYSE:DRQ), Noble Drilling Corp(NYSE:NE), Halliburton Co (NYSE:HAL) and Global Marine Inc (NYSE:GLM) to an outperform from strong buy rating. -- kept Schlumberger Ltd (NYSE:SLB) at a strong buy. Lovoi said he cut the oil drilling companies to focus on the bigger international names in the group, to position Morgan Stanley to take a more offensive position on the group in the second half of 1999 and to highlight the better-performing companies, such as Schlumberger. MORE So, they "de-rate" the sector, yet are preparing to invest "offensively" to a select few. Somebody's looking for commissions, IMHO, or possibly diverting attention.