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

To: Gary Burton who wrote (42352)	4/16/1999 10:54:00 AM
From: ItsAllCyclical	Read Replies (1) \| Respond to of 95453

Question on Nasdaq manipulation... I was watching UFAB this morning. Only 30,000 shares had traded. The bid was 6 1/2 and the ask 6 9/16. Very quickly 20,000 shares traded in 2,000 blocks all on the ask culminating in a 7,000 share block. However, UFAB didn't budge. Why? I would this this amount of buying would send it at least to 6 3/4 or higher... Is this normal or manipulation?

To: Gary Burton who wrote (42352)	4/16/1999 12:47:00 PM
From: drsvelte	Read Replies (3) \| Respond to of 95453

DLJ on PGO PETROLEUM GEO-SERVICES (PGO: $12.69)+* 04/15/99 Lowering Rating From Buy To Market Performance Earnings Per Share Old New P/E Ratios (FY:Dec.) 2000E $1.30 $0.95 13.4 1999E 1.03 0.50 25.4 1998A 1.32 9.6 Rating: MARKET PERF. Change: Down From Buy 12-Mo. Target: $14 We are lowering our rating on the stock from Buy to Market Performance, cutting our estimates for 1999 from $1.03 to $0.50 and for 2000 from $1.30 to $0.95 and lowering our target price from $19 to $14 based on a 5 multiple of 2000 EBITDA. PGO put out an earnings shortfall announcement this morning that confirmed what we have been concerned about for a while now, namely that seismic demand is going to be very weak in 1999. The earnings shortfall is primarily attributable to low demand for contract work, slow sales of multi-client library data and unwillingness by oil companies to pre-fund multi-client work. This is due to the postponement of spending plans by the oil companies in response to low oil prices and merger activity. (9:00am EST)