Member Info for hey_arnold

Morgan Stanley cut Petrofac to “equal-weight” and raised John Wood to “overweight” as part of a European oil services sector review.

“We think the worst is behind oil services. However, unlike the previous upcycles, we think this recovery will be bumpy, below-par and brittle,” Morgan Stanley said. “With oil companies’ capital discipline unlikely to change course in the near term and non-Opec supply growing above demand in 2020, we see limited scope for capital expenditure to accelerate in the coming year.”

Morgan Stanley upgraded WG to buy and downgraded PFC to hold this am.

I'll post highlights from the note in a bit

Same pattern as yesterday. The shorters selling just before the us open

Was this posted already? https://www.theguardian.com/uk-news/2019/jun/30/serious-office-faces-questions-over-decision-to-drop-bribery-investigation

Sorry if it was!

I guess without contract wins or a resolution of the SFO, the share price doesn't have any reason to go up much. I am happy to take the dividend, on the basis that this could move 30% in a day if the SFO investigation is dropped, and I would kick myself if I missed that. I think the shorters would have to really try hard to get this below 400p, unless global macro and oil collpase.

Thanks pokerchips, I am always keen to read your insight.

Shorters used the note by Jefferies to push the price down on the basis that the dividend was going to be cut if they didnt sell some assets or make some more contract wins. They have subsequently done the latter and put out a good update and the price is recovering. Petrofac still has the SFO hanging over it.

However what is strange is that WG got sold more heavily yesterday than Petrofac but today no sign of the shorters on WG..... weird!

how is wood group up? confusing!

Looks like someone is buying as the price is stuck and I assume Engadine is trying to push it down like Wood Group.

I called it well and then buy way too early...... Great! *saracasm*

I think oil must be going down on Trump threatening tariffs on EU.

Defo felt like it.... it was so obvious what they were doing as well.

Some interesting action just in the run up to the US open, someone was selling heavily, obviously with an eye on US futures, expecting them to sell PFC as well. I think it could get sold again later, I think i'll pick some up if it does.

"Most likely earnings overly written down and so easily beaten, so a positive surprise even though earnings are shrinking, add in a few rate cuts and the S&P 500 marches on..."

FactSet data shows that analysts expect US corporate earnings to slip by 2.6 per cent in the second quarter, from a year earlier, and by 0.5 per cent in the third quarter, driven by a less bullish economic outlook.

Will Polar capital sell this down tomorrow? What are peoples thoughts?

I'm a little surpirsed Glencore isn't slightly higher today. It got to 330 just before the talks fell apart, surely closer to 300p is where I think it should be.

Another nice rise today. Could be back to 500 in no time.

DYOR - Do your own research?

As you say, it is so strange the Guardian on 26th June 2018 breaks the initial story then a year later they break a story that charges have been dropped....

Are newspapers allowed to point blank make stuff up?