I see no possibility that NE is going be other than stuck in this sloppy range until the 3 major pending company events have been achieved. First, pending vote on relocation to UK due by 10/11/13. Second, start up on the next two drillships and 3 of the seven Jackups being built. Third, spin off of the Standard type rigs.
You could add in 4 quarterly reports that would be about the timing when 1-3 are finished..
If the Tax Man, gives the OK, then NE might start a move up some until we see what the newco and oldco companies look like, then its up or down or flat.
By the time 4 quarters will pass and investors will be more confident about the large profits/cash flow of 2015, it will be time to SELL!
Now , when so many "analysts" are bearish- this is the time to Buy NE!
I think this is an example of NE Mgt mis-managing investors expectations. They over-promised - or gave the impression things would happen sooner thay they have - and investors/analysts don't like that - rather that surprising to the upside, when/if what they say actually happens it will be just more of a relief than anything and I wouldn't be surprised if there's a muted response. Sure the stock price will likely catch up in valuation to their peers in the mid to long term but it's harder being a long-term investor of NE because you spend longer periods with the value of NE below par. I suppose it's an opportunity now for anyone to get in and do well wrt peers - but it just doesn't make for happy long-term investors - I had something else to say but got interrupted, had a lot t renk in between and i've forgotten what it was I was gooing to say ...