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

To: diana g who wrote (36837)2/5/1999 8:39:00 AM
From: marc chatman  Respond to of 95453
 
That's certainly the bearish argument on FGI, and the points are valid (although some cash-rich and forward-looking drillers will, I think, use this opportunity when rigs are off contract to make upgrades and repairs).

I also think the argument has been reflected in the stock price as FGI dropped from the 40's to 10. And recall that FGI began its move down at a time when orders were strong and backlog was growing. The market has the ability to look far into the future, if it chooses to do so.

I do have a position in FGI.



To: diana g who wrote (36837)2/5/1999 9:16:00 AM
From: Think4Yourself  Respond to of 95453
 
Diana, If the poster had bothered to read the FGI 10Q, they would have realized that:

1. FGI does a lot more than rig construction, and
2. Constructing rigs is the least profitable thing they do.

Their post is accurate, but fairly irrelevant because they don't understand FGI's business.

Ken


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