Wednesday, October 24, 2007

Position Update: NOV

Earnings Report $1.02 vs. $0.94

"Backlog for capital equipment orders for the Companys Rig Technology segment at September 30, 2007 increased to $8.0 billion, compared to $7.2 billion at June 30, 2007. New orders during the quarter were a record $1.9 billion. The Companys backlog for capital equipment continued to increase as a result of strong demand for its drilling equipment, particularly for international offshore rigs."

The stock is trading higher in pre-market, I plan to take profits as soon as we open (market order set). I feel the stock will head lower with a weak market.

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