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Two Ways To Play: Schlumberger Schleps Upward

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Strengthen your portfolio in good times and bad.

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Schlumberger Profits Rise

Schlumberger (SLB) reported results for its third quarter. According to Bloomberg, the world's largest oil services company said net income rose to $1.53 billion, or $1.25 a share, which is inline with consensus. Meanwhile, revenues increased 22.5% year-over-year to $7.26 billion. Looking forward, CEO Andrew Gould said the rapid deterioration of the credit markets "will undoubtedly have an effect on our activity" and anticipates spending to slow through 2009. But he did add declines in exploration and production would "rapidly provoke an even stronger recovery." See Toddo on TV: Energetic about Energy.

From the Bull Pen: For those that believe crude oil and the oil service stocks are due for a bounce, Schlumberger may be an option. Consider a sell stop below $50.

From the Bear Cave: Oil-related stocks may see a bounce, but bears are conscious that it's a counter-trend rally. We've talked about the oil ETF (USO). Support at $70 is now overhead resistance, and bears can consider testing the downside if it rallies back to that level.

Quick Check Around the World

Asian trading closed with the Hang Seng -4.44%, Nikkei 2.78%, Sensex -5.73%, Taiwan -2.28%, Shanghai 1.08%, ASX 200 -1.06%.

Across the pond, we see the CAC +2.97%, DAX +3.11%, FTSE +2.88%

As of 8:25 a.m. EST, S&P Futures are trading -12 to 928, and Nasdaq futures are -26 to 1297.

A Look At Commodities

Crude oil is trading +0.25 to 70.10. Gold is -15 to 789. Silver is -0.040 to 9.590 and copper is -2.95 to 206.95.

The dollar index is +0.085 to 82.531.

On the Radar

Economics

08:30 Building Permits (Sep)
08:30 Housing Starts (Sep)
10:00 Mich Sentiment-Prel. (Oct)

TGIF! Good luck and have a great weekend.

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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