CLB has indeed sold off today; analysts on the CC peppered management with questions about the future price of Brent and WTI and were almost oblivious to CLB’s own business metrics.
I’ve listened to more than a dozen CLB CCs and had never heard anything like what occurred today. It suggests widespread investor fear in the oil & gas sector.
CLB, which bases its own forecasts on client activity, expects oil benchmarks in 2015 to return to 2014 highs and, more important, that the long-term trend is up.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”