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To: Nello Filippone who wrote (44499)	5/11/1999 5:09:00 PM
From: Nello Filippone	Read Replies (2) \| Respond to of 95453

DB 17:00 [HU=M9] API SAYS U.S. GASOLINE STOCKS ROSE 3.655 MLN BARRELS IN THE LATEST WEEK. DB 16:59 [CL=M9] API SAYS U.S. CRUDE STOCKS FELL 2.296 MLN BARRELS FOR WEEK ENDED MAY 7.

To: Nello Filippone who wrote (44499)	5/11/1999 6:28:00 PM
From: upanddown	Read Replies (1) \| Respond to of 95453

Nello: I wish that was true but RIG earnings estimates have been ratcheted down month after month until now the consensus for 1999 is 2.72. That would be no big deal if 2000 was OK but that has come down even harder to 2.23. That compares to 2.95 in 1998. One reason for RIG interest has always been that earnings should be stable due to the long-term contracts. That doesn't appear to be the case. There is a good chance that the estimates can start up in the opposite direction with new contracts for rigs coming off contract, the excellent 1Q performance and improving industry utilization but I am definitely re-thinking this one. For the best estimate consensus reports that I have found, check out the Multex reports available thru Labpuppy at labpuppy.com You will have to register John