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

To: waverider who wrote (43934)	5/4/1999 11:28:00 PM
From: Malcolm Winfield	Respond to of 95453

S&P Upgrades R&B Falcon Shares to Buy (courtesy of Yahoo!) Tuesday May 04, 1999 (10:00 am ET) S&P Upgrades R&B Falcon Shares to Buy NEW YORK, May 04 (Standard & Poor's) - S&P upgraded shares of R&B Falcon (FLC) to (buy) from (hold). Analyst Norman Rosenberg says Q1 EPS of $0.02 vs. $0.37 were in line with expectations, hampered by lower utilization rates and dayrates. He sees utilization improving but dayrates remaining weak throughout 1999. However, he says the recent commodity price rise bodes well for a solid increase in drilling activity in 2000. Rosenberg says with the industry's largest offshore fleet and a major deepwater rig newbuild program underway, FLC is the best leveraged of its peers to a potential industry turnaround in 2000. He says the stock is attractive at 8.5 times his 2000 cash flow per share estimate of $1.30, but warns that FLC is not for the faint-of-heart.