I asked this question about cancellations earlier here when I had NOV and was treated like an idiot. Now guess what, I'm not the only one who thinks it's very very possible.
Let me see if I understand this correctly. An analyst upgrades a stock and based on that recommendation you buy it at lets say $65. As a result of market conditions - not on the fundamentals of the co - the stock falls 60% and now as a result of his rec and your buy you are out almost $40 a share. Heres where I get fuzzy why downgade it down here instead of reiterating a buy? If they loved it at $65 shouldn't they love it more at the current depressed price? Smells fishy to me!!!
These analyists are the same guys that were predicting that oil would be above $200. They dont know shit. There is maybe a handful out of millions that are on the money. It is so comical to see a downgrade when the price has dropped nearly 75%. Basically with this rational 90% of the stocks trading should be downgraded.
If you are smart you buy low and dont wait for the upgrade when the stock moves back up to $50.00. Because I guarantee when this stock is at its high you will see upgrades.
Dont believe that same people that told you that oil is going to $200 taht are now saying oil is going to $30. They dont know. Why do you think they are on the verge of bankruptcy and need the goverement to bail them out becaause they are smart. F%%%%em
all those banks should die. They serve no purpose in the society other then making huge profit by moving money from one pocket to another pocket. Americans need real companies like NOV that does some real things.
Did I miss something from the transcripts. It was crystal clear that the backlog they have are signed contracts with 10% non-refundable money and progress payments that keep NOV cash positive. If these orders are cancelled, the customer loses all their money and NOV still makes a profit and still has material that they can resell, which has already been paid for by the customer that cancelled.
Tha ANALyst at JP Morgan has his head up his A*$. There is no credibility when you downgrade at the bottom. The dumb A$$ needs to find a new job.
You asked this question and the conference call answered it.I don't think they were giving you a Joseph Smith story. THeir bookings are fine an growing with the likes of mostly big players. ( Schlumberger and Halliburton) Listen again to he conference call-- Idiot.
Mabey,perhaps,could be, that jp morgan is a fucking asshole company that wants your shares of nov at a lesser price I am so fucking sick of the socalled brainiacs pumpiing bullshit out of there fucking media mouthpiece ,especially when it is a possible scenario one I highly doubt would be the case as we all know oil is going back to 80 and that even this fucking criminal so called brainiac knows, fuck him and his fucking corrupt bank too,I hope someone takes them out and fires all these lowlife manipulating fuckers.....
The drop of Nov, is primarily due to the new acquisition ov the new company. No doubt they will put the assets to work along with the manpower. Nov, is still back logged for 2 years, need I remind you. This one will go higher as it gets bigger a stronger. Good growth and earnings.
This analyst is not a 5 Star analyst when it comes to NOV:
He is just a "other analyst".
In other words, he could not find his butt with both hands!!
Upgrade at the top, downgrade at the bottom. check out these analyst ratings from this past summer. yuk yuk. They are all upgrades when NOV was over $70 or $75.
24-Sep-08 Credit Suisse Initiated Outperform
18-Sep-08 Stanford Research Upgrade Hold Buy
29-Jul-08 Sterne Agee Upgrade Hold Buy
14-Jul-08 Banc of America Sec Upgrade Neutral Buy
1-Jul-08 Citigroup Initiated Buy
23-Jun-08 RBC Capital Mkts Upgrade Underperform Sector Perform
Gotta love these guys after a 70 dollar sell off to put a downgrade on. Still has a price of 5.10 after the initial 6.25. Even at an 8 multiple seems he should either still have a buy on the stick or reduce his price target. Very good sign for the longs though. This is why these guys don't trade.