hey group i used to trade weather ford, what the heck is up with this thing?
Here's what I see....WFT has underperformed the oil services group minus NBR by at least 15% since the late July earnings report. You can do a compare with OIH and see this. The reasons for this is the report itself and the accounting problems I suspect. While most oil services stocks took off the past 4 months WFT has stagnated btw 11-13 like a yo yo. Last week the services group dropped 4% and WFT 5.5% after lack luster reports from NOV, BHI, HAL, NE and SLB. Also oil has dropped over 6% in recent weeks. So going into last week WFT performed horrifically compared to the group. Last week it actually kept pace with SLB at #$%$ for the week and even outperformed HAL, NOV and NBR by a few percent. So "only" dropping 5.5% last week is about the only plus I've seen in WFT lately. WFT closed at its lowest weekly price since March 2009 and had 2 daily closes this week of 11.51 and 11.47 that were the lowest daily closes since March 2009. Looks bleak indeed. We are very close to 15+ year lows. I think new lows can be reached on a bad report and continued downward pressure on oil and NG prices and oil services stocks.