I love reading all the explanations here of how the market was down, so NE was down. Or oil was down, so NE was down. Well, today, the market is up because GOOG is up. There are companies that move the market and companies that make things happen. NE rarely makes things happen. The market moves NE. Their program to address downtime was so slow in the making. Years went by with nothing but excuse after excuse. "We're pretty good, but wait till next quarter or next year" seems to be the company slogan.
I agree with the decision to make the new drillships. That seemed like a solid move when they started it. However, this breakup plan seems like a way to make a lot of money for an investment bank and for the directors of the company. The old rigs don't make as much money. Who cares? They still make money. In this environment, even the rigs that were retired could probably find new life. NE wants to sell them, fine. But make a good decision with the proceeds. If NE gives it to Goldman Sachs, it does nothing for the stockholders. Don't kid yourself.
When I first bought NE, it was $48 a share and "surely headed for a triple". Many of the old-timers on this board laughed at my exuberance. Good luck to all you newbies. Hope your ride is smoother.
I think it is "don't be left out" and then a week later it's "Not again!". It's been in this trading range for so long and we all know it's going to break out at some point. So it starts going up like it usually does, and people say "I better get back in before I miss the big rally". They jump in and it accelerates. Then the funds start selling and down it goes back into the 37's. "One day" is coming when it is really going to break out. That's what management keeps saying. I keep waiting. I will be happy to see 40, but will hardly be surprised to see $37.40 in a few days.