Another downgrade...The street thinks management's numbers from just a couple of weeks ago are a complete LIE!
Get ready for the lawsuits.
CB&I management will do a complete 180 at the next earnings CC and blame the price of oil on the weak report and then slash estimates (and most likely suspend the dividend).
You missed the point....WHO is funding the majority of CB&I's foreign projects and from what source do they get most of those funds that drive their spending budgets?
State run oil/LNG companies budgets are going to get killed with the slide in oil.
CB&I is getting killed.
Stock is going to get cut in half again from here and then we will see who is laughing.
How much of their business is FUNDED by foreign oil company budgets/profits is the real question.
2015 earnings will make management's estimates/statements from a few weeks ago look lawsuit worthy.
CBI is going MUCH lower and is just now entering the full distribution mode with 10's of millions of shares still to be dumped.
Any recovery in the stock price will take many years.
That's the high for the day.
Now, DOWN to new lows by the close.
Next week even lower.
The street thinks these guys are a bunch of liars.
Not a single insider has stepped up and bought a single share and not a single analyst has come out and defended management's recent 2015 numbers....WHY?
How can that be? Why isn't upper management buying any shares at this laughably low P/E?
Repeat after me....CBI is a LIE!
THEY ALL KNOW!
Here comes another NEW LOW and it's doing it in an up market...NICE!
CBI will be hitting lower highs and lower lows for almost all of 2015.
Just wait until the bad news starts to hit....PLUNGE!