I think this is a case of selling into the news. I didn't listen to the cc but the press release looks good to me....regarding the future. Personally, I'm holding TS for the long run.
<"Global demand for energy, in spite of the difficult economic situation in Europe, will continue to rise, and this is driving energy companies to increase their investments," Tenaris said.
"In 2012, drilling activity in North America is expected to remain close to current levels ... In the rest of the world, drilling activity is expected to continue to increase, supported by current oil and gas prices and led by growth in the development of deepwater and unconventional reserves as well as complex conventional gas drilling,">