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Lentinman...I agree 100% with your post.
Dave
SSKILLZ1...I think your second post is to investment intelligence as to what your first post was to, well, stupidity. I've done that myself. When you're fighting the trend in buying a stock in a company whose management you question, what's the difference between that and playing roulette and betting on red. 1/2 the time you will win. But there will be times when you continue to lose and lose. I hope for Wadegarret's sake it doesn't just keep sliding and pulling him down with it. There's nothing worse than losing your hard earned money by trying to predict the bottom and being wrong.
OT...bbotcs...Steve Irwin...I've always been impressed with him. He was able to create the dream career for himself. I feel sorry for his family. I feel really bad for his 8 year old daughter. Two reasons: Primarily because she was there when it happened. Then (and this is looking at it from a distant view) she would have had such an exciting life working with her dad. When school started and the kids talked about "what they did on summer break" her stories would make the teacher stop and listen! I'm sure his wife will continue on with the wildlife conservation programs they started.
In the end we all die. You might as well do it doing something you absolutely love rather than die of old age with a lifetime of regrets of chances not taken.
Wadegarret...GACF...It's no different than buying ALY at $9.90 a week before they reported earnings or DXPE at $22 (which I remember you got). I'd think of the price as more of a gift. Would you rather buy GACF at $1 and wait six months for a 100% return on your investment or buy at $2 and hope it goes up more. Eventually companies with strong fundamentals will eventually be priced appropriately (maybe not at a really high p/e like in a crazy bull market) but eventually.
Also, on the note of taking your cash out in May---congrats. You mention that it may be a once in a lifetime "run". Possibly, but, as Peter Lynch states, you only need 1 or 2 "10 baggers" in a lifetime if you play them the right way. If you get your first one early then you can afford to be patient in getting the next one. That's kind of what I'm saying with GACF. You're in a position to buy and be patient because your life/finances don't depend on you needing the money next month.
I mentioned NCNC.OB to you the other day more as an example of my own stupidity sometimes. I normally hate OTC stocks. I do like GACF.OB and am thinking if I fly to my brother's house in Phoenix next month I'll swing down to Tuscon and check it out.
I also liked your OFI. I think as Kristi Alley gets smaller, Jenny Craig products will be a strong customer. Have you spoke to the company at all?
Niles_crane3/Wadegarret..FTK liquidity...I'm not really picking on FTK, just the idea of liquidity in general. (After FTK's CC call I think the CEO is planning on big returns from the increased chemical facilities they have now. As such, I don't think there is much risk at all in owning it at this price. However, it may not move until next earnings report shows the improvement. Because of that, and the low liquidity, it will be susceptable to a downward movement if the whole market goes down. Yet, I say again, it may be a steal if they do what they say they can).
As far as liquidity, 6K of FTK is $100K. That's few enough shares that you can get out in a hurry if you're willing to lose a 1/2 point or so.
It's nothing like NCNC.OB. I owned 200K shares of it last December at an average of 61 cents/share. I'd talked with the CEO and was positive on the potential. Then they put out a B.S. pr about selling their retaining wall product in the Middle East. They were a frickin subcontractor for the product, so I asked myself what kind of pr was that. I got worried. I owned 3-4x the daily volume. I sold it constantly for days. Every time I put in a sell for 5K shares the bid would drop immediately and I wouldn't get a fill. Then I found though that my broker, E*trade, was a buyer for 1K shares instantly. So I started selling 1K share lots over and over and over again until the bid would finally drop (sometimes I could sell 20K shares in an hour as long as I don't go above 1K shares at a time). I'd then reset my price and start hitting the buttons again. I got out with a $200 profit (after deducting a lot of commisions!). There were some days when I was the entire volume for the most part. I promised myself never again would I risk that. With NCNC.OB I missed out on the runup to $1.10 or so, but I slept so much better (especially with where the price is today).
FTK...Adrian_Monk...I listened to the CC call and came away very impressed. I like FTK even more now, but I still hate the lack of volume. I've been burned way too often by building a position in a company with little daily volume and then can't get out without having to pound sell orders at whatever "bid" is there. When FTK gets to at least 100K shares/day (which is then still just 1.5% of the float, compared to say DXPE which trades 13% of the float daily or even ALY which is 1.7% of the float). Right now FTK trades 0.4% of it's float daily. It started the day off this morning up 83 cents on sub 10K shares. The problem is that on bad days it drops that level on the same number of shares. To me liquidity is as important as fundementals.
Saying all that though, FTK is definitely on my daily watch. I will jump aboard the train if interest picks up hard.
OT--MSGI. I think your 100% cash is smart, especially if your style is buy high/sell higher. People ask me how did you make so much in the stock market. I always tell them that "making money in the stock market is easy, but NOT losing money is hard". When I was younger I used to live in California. My friends and I would go over to Reno and watch the football games and wager some money on the spreads. Normally I lost because I bet too often. I met a guy who was successful. His secret was to look at the entire season as a whole. He figured in 16 weeks he'd probably only make 5 bets TOTAL. His philosophy was to sit in cash, be patient, and wait for the biggest fattest easiest "pitches" to come along and then "swing". Otherwise he just sat. Very very hard to do though.
Some wise investor (not me!) said "don't confuse a bull market with brains". You get confident in what you can do and start thinking you can make money in a flat or bear market and that is not usually true. Most people aren't that smart. It might be wiser to take your money market rate, wait for the next "bull market", not lose any money in the mean time, and plan on making a killing again when you are flush in cash while everyone else is trying to recoup their loses. I think too often (and that includes me) people want to make a return of X%/year or $X/year to justify their effort. But if you look at investing in the stock market as a lifetime event, then taking breaks during times of uncertainity are wise.
I'm glad you posted your words of caution because us VMC'ers need to remind ourselves that in true bear market, nobody is going to be buying microcap stocks & liquidity will disappear.
OT--Hurricane season may finally be starting to form. Here's a website that does independent forecasts of developing tropical weather (I like them more than the NOAA site because they aren't afraid to make "projections"---usually they are right, but they sure missed on their earlier projections for the week of August). They are seeing signs of impending development next week stronger than any time this summer. The site is a bit technical in terminology if you're not used to reading weather discussions.
http://www.independentwx.com/discussion.html
MikeS97707...ALY...I agree with your calculations for the most part. I don't believe the DLS acquisition will be greatly accreditive right away (may even be dilutive) based on the "net income" that we are given for DLS unaudited. However, we don't know the basis for their expenses. DLS was owned by the Bridas Group (private company). I look at it more from the revenue point of view. ALY has a 33% operating margin on current operations (revenue vs EBITDA) on $60M. DLS has a margin of 19% on $43M. If ALY was able to get that divisions margin increased as revenue increases (which is the goal of acquisitions) than net income will blow away numbers.
On that note, I don't see ALY at $20 by the end of August. Who knows how long it will be. OIH & oil services are not in favor right now even though earnings are strong (I don't expect "peak" prices in an out-of-favor sector). However, I'm patient. I'd rather buy low and sell high than buy high and sell higher. I just figure that in the next 1 year oil service stocks will be on "fire" like last January/February again. When that happens I see ALY at $26+. That is up 40% or so from these levels and will be long-term capital gain for me.
As for yourself, I agree not to jump in and buy right after the secondary. People forget that the stock just got hammered down below $10 a couple weeks before. Doesn't mean it won't happen again. The key is to buy the right stock at the right time. I think nibbling at it now is good. If it goes lower then it's an even better deal. It it goes up and "gets away from you" at least you made money on the deal. Can't ever go wrong doing that.
2morrowsGains...FTK...It's too bad to see FTK being punished. I figured out that it went from a close of $20/share (on July26th) to now in the low $15's on 320K shares (which is approx. just 2% of the float!). That's why I was disappointed by the lack of CC call. Without volume FTK is too easily manipulated. They do have some great products with strong future prospects. The demand should be strong for a lot of years. Timing & patience are key for owning FTK.
MikeS97707....ALY...Before the DLS acquisition (for 2nd quarter), ALY did $60.5M in revenue and EBITDA of $20.35M (for a 33.5% ratio) with a total of approx 20M shares outstanding (this includes all future options exercised). That's $3 in sales/share. After the DLS acquisition (if we added into 2nd quarter the unaudited numbers they gave us for DLS) it would have been $103.5M in revenue and EBITDA of $28.35M (for a 27.4% ratio) with a total of approx 26M shares outstanding (2.5M to Bridas Group and 3.5M in recent secondary added in, includes all future options exercised). This is now $3.98 in sales/share, but reduced profit margin.
ALY has a great track record of integrating acquisitions and increasing revenue and profits from that division. They have extra rental and directional drilling equipment that aren't being used. Listening to CC call their weakest area is lack of personel. So they can easily transfer the extra equipment to Argentina and seriously build off of their newly purchased drilling rigs. Think of all the new services they can start providing there. Plus their newest, largest customer will be BP & Bridas Group. That's a good group to get in bed with internationally.
ALY needs to increase the quarterly revenue of DLS and increase the operating margin. If that occurs then there is no idea how much money they can make. There is risk involved, especially with the debt level they are carrying.
If you try and figure the new EPS (good luck) you have to take into account the latest financing debt interest payments. Page 174 or so of the following link gives an idea of how it would play out (this is for the March quarter, not the June quarter)
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?FilingID=4586378&Type=HTML
It's hard to make future projections. ALY is still integrating their Specialty rental acquisition. That $90M in rental equipment is a serious cash cow as they increase utilization of it (especially now that some of it can be tranferred south). They are increasing their capital expenditure in the tubing and casing division which should help sales a lot. Also, plan on ALY continuing to make acquisitions. They are agressive to say the least. They borrowed more money than they needed to in this latest secondary stock and bond offering to fund continued capital expenditures and who knows what else. I don't see the DLS acquisition being immediately accreditive (I see ALY doing say 50 cents/share or so next quarter. They are taking over DLS mid-quarter, there are acquisition legal costs, they need to spend money on transferring personel and equipment). It's in the next 6 months after that is when it should start to go up more. Look at the Specialty acquisition in January. For the first quarter it didn't do that much, but they stated in latest CC that rental equipment is doing close to $5M/month now and they still aren't fully integrated yet. That's growth (especially when considering the Specialty business was just doing $38M/year when they bought it 8 months ago)
I've held it almost 1 year now in a huge position. It's been a rollercoaster, but I don't worry about this investment if I continue to hold. I'd rather make 50% return on my money doing nothing but waiting for long-term capital gains than to trade in a shifty market trying to scalp 50 cents or chasing after stocks with questionable management. If you listen to the last CC call (which you did) you'll realize that management is very smart (and agressive in growing). They also give options/shares to all employees (as incentives to keep the drillers they employee loyal) so stock price is important to them.
cl001...ALY...I think they weren't doing a full presention today like most companies, but doing a "breakfast presentation"---i.e. sitting at a table handing out info this morning with the donuts. Still, with the recent acquisition I'm sure they garned enough attention that some analysts got out of bed early.
Wadegarret...ALY...it is not just the acquisition. DLS was owned by the Bridas Group. The biggest customer of DLS is Pan America Energy which is owned 60% by BP and 40% by the Bridas Group. This is an opportunity for ALY to go international with their business. They have the extra equipment (directional drilling and rental) that can be transferred to other locations to build off of their new acquisition. It should lead to exciting things in the future. Also, ALY has extra cash. They raised $138M in the equity and debt offering but only used $93M in cash towards the acquisition. That gives them close to $40M in cash to continue growing their business.
FTK...2morrowsGains...I was suprised that FTK didn't preannounce when their earnings were going to be released. As such, I didn't expect the quarterly numbers this morning. Also suprised that there is no CC call. I assumed it was because they were presenting next week (I'd even made a note for myself to look up the time so I could listen to it if available). Overall, I can't put a positive spin on it. Unless something suprising happens next week, I think FTK will sit in obscurity for awhile longer until the large acquisition goes through or their new production capacity starts spitting out revenue big time.
I hate to say it, but I don't see it going above $20 (maybe even retesting the lows) due to only making 24 cents/share fully taxed last quarter (definitely if daily volume doesn't pick up). What bothers me is that they increased revenue 37% sequently! ($6M more in revenue from 1Q to 2nd Q) but net income was only 4 cents more (24c vs 20c, with both quarters having same tax rate). In this currently crappy market there are stocks that are better bargains. I like it's long-term potential though. Next year more of the revenue numbers should roll into the bottom line once they get past fixed expenses more.
Nutsaboutgolf2001...NG levels...Your -40bcf was off by a bit, yet last week was still the second time ever of a drawdown in the summer. In the next 8 weeks (through the last week of September), if 2006 inventory can only add 200bcf that would put it at the same level as the "5 year average" numbers (both around 2967 Bcf Total for the week ending Sept 29th). That's just an average of 25bcf that can be added to inventory per week. I'm not sure it can be done, but it'd be bullish for NG prices if it did.
ALY...next s-1/a filed...looks like the secondary is about to close. This is more of a "final statement" rather than a prospectus.
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?FilingID=4580298&Type=HTML
2morrowsgains...FTK...I don't know how many shares Palo Alto owns. Awhile ago they filed the SEC statement showing they own 858K shares and their Energy Fund owned 474K shares. We'd discussed that before. Now Nasdaq shows 1146K shares for Palo Alto for 6/30/06 but doesn't show any listing for the Palo Alto Energy Fund. So you've got me what is going on.
I think earning should be solid. I'm disappointed in that there hasn't been any more news on their very large acquisition possibility. I think FTK got ahead of itself at $30, but the retractment to $15 was crazy. I like FTK longterm. I don't think of it as a trading stock due to the low average daily volume. More of one you buy and forget about for a year or so.
Wadegarret....ALY....Yesterday DXPE had 113 posts on Yahoo. ALY has had 8 in the last WEEK! When momentum traders find it then it will move. Until then it is a game of patience. It may even take another quarter or two or results for the stock price to fully appreciate. I agree with 10 bagger in that I see mid-$20's to $30 within 1 year from now. I'm patient for 100% with minimum effort.
ALY....secondary....ALY has stated in their SEC filings that the DLS acquisition needs to be closed by August 15th or else they lose the rights to it and have to pay a $1M penalty to DLS. That's ten trading days from now. From the CC call the company does not consider this to be a concern at all. As such, I'm assuming the secondary will close here soon (maybe early next week). I figure some institutions that have rights to purchase in the secondary are shorting into it only to cover with the sale. Smart, but manipulative. By August 15th I figure the whole picture will be clarified, new guidance given, and hopefully an upgrade by an analyst.
Natural gas....interesting comment.......
"This is the first time that a summer inventory report has showed an increase below 20 bcf, let alone a decrease," said Arnold Slesers, an associate economist at Moody's Economy.com.
In fact, WTRG's Williams said that looking back at weekly data to 1994, "this is the first time there has ever been a net withdrawal from storage during the summer.
ALY...DLS acquisition June #'s from SEC filing from today.
From the latest S-1/a: "DLS has informed us that its preliminary, estimated, unaudited results for the quarter ended June 30, 2006 included revenues of $43.2 million and EBITDA of $8.4M."
These numbers are sequentially increased from the prior DLS numbers given when the acquisition was announced. Those numbers, for 1rst Q, were $38.8M revenue and EBITDA of $7.7M.
I'm impressed that revenue grew 11.3% sequentially. I'm a little disappointed that EBITDA only increased 10% sequentially, but we don't know the whole story behind expenses since they only are posting the bare numbers. Still, that puts DLS 12 month revenue run rate at $172M/year assuming no growth or price increases (which I doubt since ALY has shown recently that they are good at merging businesses together). DLS could easily become a $200M/year acquisition for ALY.
Wadegarret...ALDA...I've been reading your posts on selling before earnings. For every DXPE missed by selling there is an ALDA that can burn you. I couldn't remember if you bought some, hopefully you kept your new rule of selling before earnings if you did.
On the stock market, I've always felt that making money is easy. It's NOT losing money that is hard. I'm slowly trying to learn to not swing at too many pitches, rather just keep the bat on my shoulder (i.e. cash) and wait for the juicy fat pitch to come my way. Patience is hard when you want to participate. I've decided it's best to be bored and rich than excited and losing money. I can go to a casino for that.
I enjoy reading your posts.
Dave
Natural Gas #'s tommorrow....Reserve/storage numbers come out tommorrow morning. Depending on how much/little increase in storage occurs could really decide whether this bear market in natural gas spot prices ends. Should be interesting. Also, a tropical weather site I read is predicting Atlantic weather conditions are going to be ripe for storm production in about a week. There are 2-3 factors that are changing/shifting and will make the area vulnerable to tropical waves forming convection.
cliffvb...nat gas...Natural gas is up because the hot weather is causing high levels of electricity consumption, which means more natural gas used in producing it. Also, a storm is starting to organize in the Gulf of Mexico. There is a chance of it forming into a tropical depression in the next day or so.
2morrowsgains.....FTK...I read it as "Palo Alto Investors" increased their shares 134K from April filing to the most recent. Included in the same filing is the "Palo Alto Energy Fund". In my opinion, this is a seperate fund reporting. However, it doesn't mean that the 475K shares are new, they may have purchased just enough recently to put them at a % of outstanding shares where they then have to start reporting to the SEC. Together, I'd put Palo Alto's family of funds at 1.325M shares of FTK. That's how I read it.
10bagger...ALY...ALY filed an amended S-1 today reducing the number of shares they are selling for the DLS acquisition to 2.5M (vs 4.5M). They will fund the rest with debt. I'm sure management doesn't like the low stock price and has no intention of giving the company away. I'm glad to see it.
OIH...record volume...today is the highest volume traded ever for the oil service ETF. I'm not sure this is good or bad, just notable.
FTK...2morrowgains....Amazing, FTK hasn't closed in the $16's since last August. Today or tommorrow may be a good day to buy. Computer models are starting to predict the possibility of the first tropical storm. This should solidify natural gas and crude prices. See link.
http://www.independentwx.com/discussion.html
bigpike--CAMT--It's all based on the semiconductor industry (and remember that's a cyclical business). When it's hot, companies like CAMT (which provides equipment) do really well, when the industry turns downward, guess what, nobody buy equipment. I'm not saying CAMT won't do really well. I'm just saying that I wouldn't buy it and put it away for years. It's a cyclical stock that needs to be sold at the right time.
I owned it a couple years ago during the down part of the cycle. It was rough. I only thought of it again when (I think it was Bobwins) mentioned it the day it jumped from $2.80 to $3.20 a few months back.
Dave
CAMT--Wadegarret. I used to own CAMT. One reason these stocks never get a large premium is because orders can disappear overnight if the semiconductor industry slows down. They can go from $20M/quarter revenue to sub $10M/quarter in a heartbeat.
Dave
OT...10bagger...ALY Because of your insistent "pounding the table", I ended up researching ALY and buying last summer. It's been a bit of a rollercoaster of a ride since then. I haven't sold any and have actually added to my shares. As I've become successful with my investment portfolio, I've grown more conservative. I no longer chase after the quick buck on risky stocks (especially those with questionable products/management/financials/OTC-BB markets). ALY is my #1 stock. I decided after the Specialty acquisition that management is pretty damn smart and, as such, I'm going to hold for long-term gains. I may sell off a few shares then, but will put the majority away for a several year hold (unheard of for me). I see ALY (especially after the DSL acquisition) becoming a small SLB type company (diversified worldwide). I do want to thank you for your "redundant table-pounding" because I own enough ALY that if it hit $30 I'd have enough to retire. If it hit $50 in a few years I'll buy property "on the beach" at Lake Tahoe (of course with California real estate prices it may only be a cabin!). I have to admit that I thought it was ironic that you sold all yours (especially when your post was during that dip into the $14's a couple weeks ago). Good luck and thanks again.
Dave
RE: bbotcs...ALY...I agree with you somewhat. I'd be concerned if oil went back to $50/barrel. Whether it is $60 or $70 doesn't really make a big difference, as long as it is high. The good thing with the DSL acquisition is that currently ALY's business is 95% related to natural gas drilling & 5% to oil. This acquisition will balance out the two immediately. During the CC, Micky commented that if, for some reason, natural gas services slow down in North America they can shift equipment and personel to the oil side of it now. Overall, I think the balance is going to benefit them for the eventual drop in energy commodoties.
ADDED BONUS: ALY should be going into the Russell 3000 when the list comes out on May 31. Every little bit helps.
Dave
bbotcs--ALY. Last quarter (1rst Q) ALY did $4.4M net (23 cents/share). The unaudited numbers for the DLS acquisition for 1rst Q are also $4.4M (after taxes, depreciation, & interest). Combined this gives $8.8M in net. Minus off $0.8M for additional interest expense (based on the additional $35M in bonds they will have to sell). This gives $7.9M net. Divide this by 28M shares outstanding (ballpark figure) = 28 cents/share. As such, the acquisition (with no increased growth rate or benifit from integration of resources) should be accreditive even with the dilution.
ALY is now forcasting 25-28 cents/share without DSL for 2nd Q. Toss in an additional 5-6 cents/share and you get 30-33 cents/share for 2nd Q.
My crude estimates only.
ALY...niles_crane3....I truely loved the Specialty acquisition earlier this year. Their newest one, DLS, will be interesting to see how it plays out. If they can add their directional drilling and casing service into Argentina it should be good. I'm glad to hear that they only had one rig in Bolivia and even then aren't concerned at all about the political environment.
Sometime in the next few weeks they will close on the DLS acquisition and, hopefully, they will update their newest revenue and earnings projections. I'm wondering if they may end up doing a secondary sell of shares to raise capital/drop debt down.
I was glad to see the number of phone calls received during the CC. It was close to 50 minutes worth.
You can figure now they will be doing over $400 million in revenue for 2007. Multiple that by 3x revenue (pretty much the average for the industry) and it makes for a nice market cap. They need to continue increasing earnings/share to also justify those numbers.
ALY will also be going into the Russell 3000 this year for certain.
Dave
OT: MikeS97707 & board. I've got a question....when you invest full-time for a living & someone asks you, "what do you do for a living?", what job title/description do you give to yourself. Do you tell people you're a "stock trader"? I'd be very interested in people's responses.
Dave
ALY....becoming a "junior" SLB? They are certainly diversifying into domestic, rental, and now international areas. Their leverage (and debt) is growing considerably. If oil (and natural gas) go to the $35 and $4 range again they are probably screwed. If oil stays above $55 and gas above $5.80 or so they are probably leveraged in the right industry. It'll be interesting if nothing else. Earnings and CC call next tuesday will be worth waiting for.
Dave
ALY---10 Bagger---I was suprised (pleasantly so) with the next acquisition for ALY. They just aren't going to slow down. This company may eventually become a serious player in the service sector. I was disappointed with EPS estimates, but now revenue projections for 2006 will be easily over $200M. Not bad for a company with a market cap of $244M (as of today) in an industry where 3x sales is the norm.
Dave
ASPN: We all need to start adding in to our calculations the cost of options (as it now has taken effect at the start of 2006). This is especially true of a smallcap company like ASPN (due to small revenue/quarter vs impact of options vesting/granted). It has the possibility of dropping EPS below expectations. (Note: I own ALY and it affected their EPS by 4-5 cents/share per quarter for next year).
Here's ASPN's comments from last 10Q:
There were 260,000 options granted in 2005. Directors and employees were granted 235,000 and consultants were granted 25,000. The consultant options were valued using the fair value method of SFAS No. 123 as calculated by the Black-Scholes option-pricing model. The fair value of each option grant, as opposed to its exercise price, is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: no dividend yield, expected volatility of 159.54%, risk free interest rates of 3.92% and expected lives of 4.5 years. The resulting compensation expense relating to the option grant to directors and employees of $549,821 and consultant of $58,492 will be included as an operating expense ratably over the vesting period. The options vest one-third in each of January 2006, 2007 and 2008.
Re: FTK...2morrowsGains. I broke down and listened to the FTK presentation. Based on 2006 projections it is fairly priced. However, they don't give 2007 projections. As I look at their valves/chemicals/misc and their business structure I can see that 2007 could have solid organic growth, which makes the current price more attractive.
The acquisition is what intrigues me. There is no way the company can base their 2006 projections for revenue and EBITDA based on a deal that has not closed---and the CEO stated that they were still looking and used the term "if" as to the acquisition. This means the $1.20-1.30/share in net for 2006 is based on organic growth. Which means there will be a revision of estimates later if the acquisition goes through. Earning estimates for 2006 (but especially 2007-8) could go way up if they leverage themselves in a strong business climate.
I'm definitely going to start to look into FTK more. I see where they are going to announce on March 2nd or so. The only problem is shares traded/day are so low that a large position has to be built slowly (today it is down 4+% on just 18.5K shares or so).
Thanks for continuing to discuss FTK. I've had it on my "watch" list but never really looked at it, but will now.
Apish--OIH holdings. I'd just looked this up the other day. I couldn't get a link to work, but you can find them on Amex.com under HOLDERS, "Product information", click on "oil service holders" (main part of page), then "holdings" on left side again. Here's the list.
STOCK TICKER SHARE AMOUNT
Baker Hughes Inc. BHI 21.00
BBJ Services Co. BJS 28.00
Cooper Cameron Corp. CAM 4.00
Diamond Offshore Drilling Inc. DO 11.00
Ensco International Inc. ESV 11.00
Global Santa Fe Corp. GSF 19.98
Grant Prideco Inc. GRP 9.00
Halliburton Co. HAL 22.00
Hanover Compressor Co. HC 5.00
Nabors Industries NBR 12.00
Noble Drilling Corp. NE 11.00
National-Oil Well Inc. NOV 7.00
Rowan Cos Inc. RDC 8.00
Smith International Inc. SII 16.00
Schlumberger Ltd. SLB 11.00
Tidewater Inc. TDW 5.00
Transocean Sedco Forex Inc. RIG 18.00
Weatherford International LTD WFT 9.00