The "risk off" move is slapping oil service pretty hard this morning. Even RIG, with it's substantial new dividend, has given up it's gains. I see a number of my service and E&P names down by very similar percentages, which points to selling by baskets rather than patin attention to fundamentals for any particular company.
It all seems a bit overdone, with oil having "plummeted" to $90, a figure which would still green light just about any project. But these storms of worry over the euro and macroeconomic trends always dominate the little details like the health of offshore drilling, eps growth etc.... at least in the short run.
Wait a bit, these things take a while to peak and pass.
Greetins Petro, I have been out of the stock for almost a year "again"...perhaps oil services is forecasting a bigger price drop from this point forward in oil itself as it has done some times before?...I really think that QE will limit downside, but I refrain from backing that statement up with actual skin in the game.