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Dallas
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This week I sold Ensco Int'l., Inc. (ESV) and Noble Corp. (NE). Actually, only ESV is in Dallas. NE is in Sugar Land, TX. Close enough. ESV cut its third-quarter earnings guidance because of ongoing weakness in the market for its jack-up rigs in the Gulf of Mexico. NE shares fell after the company said Chevron Corp ended early a contract for a rig in Nigeria. Both companies have some of their operations in the Gulf of Mexico and one related article mentioned that there's a lot of drilling competition in that area. Classic investing advice is to sell ASAP on bad news. It is tempting to hang on to see if maybe the situation isn't as bad as it seems. This is one of those times it would pay to have much more knowledge of the oil field. But when I don't have in-depth knowledge, nor the time available to gain it, the only course is to adhere to the sensible advice. It's hard to imagine any company in an energy field doing badly long term. However for purposes of this competition I'm interested in the short term and that makes the decision even easier. | ||
