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

To: Aggie who wrote (42154)	4/13/1999 5:15:00 PM
From: drsvelte	Read Replies (2) \| Respond to of 95453

DLJ Weekly Outlook. . . "OILFIELD SERVICES INDUSTRY WEEKLY RUMINATIONS 04/12/99 Rating: Outperf. Change: None Stocks Taking a Breather Ahead of an Unexciting Earnings Season Oilfield service stocks had a mixed week that ended on a strong note, with s sharp decline in the early part of the week being reversed later in the week. Oil prices are taking a breather after their torrid run up in the last couple of months and investors are waiting for the market to digest what are likely to be very weak Q1 earnings. The rig count has not yet shown any signs of an upturn, but we expect both the US and Canadian rig counts to start turning up in the next few weeks, and as that happens we expect the second leg of the oilfield rally to take place. We believe that the earliest recovery will come in North American land and shallow water areas and this is where investors should focus their attention to maximize returns in the next few months. We recommend either those stocks that have the best internal catalysts, and HAL among the large caps and MDR among the mid caps, or those with a particular early cycle emphasis, which includes BHI among the large caps, BJS and WFT among the mid cap service companies, and FLC, GW, and NBR among the drillers." © 1997 Donaldson, Lufkin & Jenrette Securities Corporation as to the information and opinions expressed herein.