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To: Dale Baker who wrote (43163)10/13/2005 1:47:35 AM
From: Dale Baker
of 118323
 
Bois d.Arc Energy, Inc. Reports Recent Drilling Results
Wednesday October 12, 4:30 pm ET

HOUSTON, Oct. 12 /PRNewswire-FirstCall/ -- Bois d'Arc Energy, Inc. (NYSE: BDE - News; "Bois d'Arc" or the "Company") today announced recent results of its drilling activities in its Gulf of Mexico exploration program. After resuming drilling operations after disruptions caused by Hurricanes Katrina and Rita, Bois d'Arc has drilled three additional successful wells and one dry hole since reporting its second quarter results bringing its total successful wells drilled in 2005 to 15 wells out of a total of 17 wells drilled to date.

Bois d'Arc's exploratory well to test its "Doc Holiday" prospect was a success. The OCS G 22738 #1 well drilled at Ship Timbalier block 75, was drilled to a total depth of 14,650 feet and encountered 150 net feet of hydrocarbons pay in six commercial reservoirs in the downthrown fault block. After setting protective casing, Bois d'Arc plans to deepen this well and anticipates drilling one to two additional wells to delineate this discovery.

Bois d'Arc's second well at Ship Shoal block 111, the OCS G 24924 #A5, was drilled to further delineate its "Laker" prospect to a depth of 15,230 feet. This well encountered 241 net feet of hydrocarbons pay in eight commercial reservoirs. This well was successful in extending the reserves discovered with the first well drilled earlier this year. The Company plans to drill two additional wells in Ship Shoal block 111 to continue to develop and delineate this discovery.

The third successful well was drilled at Ship Shoal block 56 to a depth of 5,000 feet and discovered one commercial reservoir with 21 net feet of pay sand. The unsuccessful well was drilled to a depth of 11,071 feet at Ship Shoal block 66 and failed to encounter commercial hydrocarbons.

Since Hurricane Rita, Bois d'Arc has restored approximately 19.1 million cubic feet equivalent of natural gas ("MMcfe") per day of its production, net to the Company's interest, in the Gulf of Mexico which represents approximately 24% of its current capacity. The Company expects additional production to resume over the next several months, depending on the restoration of third party pipelines and onshore processing facilities.

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To: Dale Baker who wrote (43165)10/13/2005 3:30:01 AM
From: gulleyjimson
of 118323
 
Global Industries to Install PEMEX Ku-D Pipelines
Wednesday October 12, 5:14 pm ET

CARLYSS, La., Oct. 12 /PRNewswire-FirstCall/ -- Global Industries, Ltd. (Nasdaq: GLBL - News) announced today that its wholly owned subsidiary Global Offshore Mexico S. de R.L. de C.V. has signed two contracts with PEMEX Exploration and Production to execute the installation of three pipelines in the Ku Field in Mexico's Bay of Campeche. The first contract calls for one 36-inch diameter pipeline extending 13 miles (21 kilometers); while the other contract involves one 24-inch line and one 12-inch line extending a combined total of 3.2 miles (5.2 kilometers). The Shawnee, Titan 2, and Iroquois will perform the work scheduled for the first quarter 2006. The value of the two contracts is $128 million.

Global Industries provides pipeline construction, platform installation and removal, diving services, and other marine support to the oil and gas industry in the Gulf of Mexico, West Africa, Asia Pacific, the Mediterranean, Middle East/India, South America, and Mexico's Bay of Campeche. The Company's shares are traded on the NASDAQ National Market System under the symbol "GLBL".

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To: gulleyjimson who wrote (43166)10/13/2005 3:48:29 AM
From: Dale Baker
of 118323
 
GLBL still looks like a solid long-term value play in the oil patch. It's hard to assess fundies in a crazed trading environment like what we are seeing this month. But the fundies always prevail in the long run.

FWIW, I put a few nickels in GM Jan 07 puts with a $10 strike price. Only cost a buck, and a nice way to bet on a GM BK if it happens. If not, it's pocket change. Strictly a betting position.

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To: Dale Baker who wrote (43167)10/13/2005 5:23:37 AM
From: Dale Baker
of 118323
 
Uh oh - now Cramer likes MTU. Too bad he wasn't buying down in single digits.

I wonder if the Cramer effect will turn out to be as bad as the IBD curse is nowadays....

What is the symbol for the Mitsubishi bank in Japan that you mentioned Tuesday?

-- Ed from Tennessee

James J. Cramer: The company I mentioned is Mitsubishi UFJ (MTU:NYSE - commentary - research - Cramer's Take). I believe that the real estate market is Japan has bottomed, and that this stock is the single best way to play a recovery.

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To: Dale Baker who wrote (43168)10/13/2005 7:23:53 AM
From: Dale Baker
of 118323
 
`Comrade' Faber Says China Will Save the Dollar: Andy Mukherjee

Sept. 21 (Bloomberg) -- Marc Faber, the Hong Kong-based asset manager who cheerfully wears such gloomy monikers as ``Dr. Doom'' and ``the bear's bear,'' used an unusual ploy to make his point at CLSA Ltd.'s annual investor forum last week.

``I'm Comrade Faber, comrades,'' he began. ``You are now all members of the central committee of the Communist Party that's getting together today for the first time in a year.''

Faber's gambit was timely, as it coincided with a real meeting of the Chinese Communist Party's central committee in Beijing. Although the actual plenary session focused on political transition, with former President Jiang Zemin handing over control of the military to current President Hu Jintao, Faber's make- believe meeting concerned itself with another changeover -- a shift in the world's economic core from the U.S. to China.

An Asian century, with the most-populous nation at its center, is hardly a novel idea. Still, what made Faber's take on the topic interesting was that, unlike many other commentators, Faber's scenario doesn't envision a sell-off in U.S. securities as a starting point for the transition.

In fact, Faber, the managing director of Marc Faber Ltd., and the author of a monthly newsletter called ``The Gloom, Boom and Doom Report,'' argues that Beijing may adopt just the opposite strategy. ``My plan,'' Faber said at the CLSA conference, continuing with his imitation of an imaginary Chinese official, ``is to keep the U.S. dollar very, very strong.''

Current Account Deficit

Faber's ``plan'' may be a big setback for any hope of an orderly reduction in the U.S. current account deficit, which is the biggest risk to the stability of the global financial system.

``A current account deficit of 5 percent of U.S. gross domestic product cannot be reduced,'' Nouriel Roubini of New York University's Stern School of Business and Brad Setser of Oxford University said in a research paper this month, ``if the fastest growing, most dynamic parts of the world economy continue to maintain exchange rates that suppress domestic consumption by keeping the domestic price of imports high.''

And China, which has since 1995 pegged the yuan at 8.3 to the dollar, holds the key to adjustments. ``The rest of Asia will not adjust,'' the authors conclude, ``if China does not adjust.''

Still, there are two compelling reasons for Beijing to keep the dollar overvalued, Faber said.

Overvalued Dollar

First, by propping up the U.S. currency, China, along with the rest of Asia, can make more of U.S. manufacturing and service industries uncompetitive, forcing them to move to Asia.

Second, the People's Bank of China uses a big chunk of its $483 billion of foreign-exchange reserves to buy U.S. assets, helping keep American interest rates low. Continued low rates will keep a ``feel-good factor going in the U.S.,'' Faber said.

``One day disaster will strike, and we we'll lose a lot of money on our bonds and dollar positions,'' said Faber, still play- acting the part of a Chinese official. ``This is a small penalty to pay for the transfer of technology and manufacturing and investments into our country.''

Leave aside issues of morality. Could it be that Faber's ``comrade'' is underestimating the financial burden on China from following a strategy of systematic beggaring of the U.S.?

Burden on China

For any Asian central bank, including the Chinese, ``intervening by purchasing dollars,'' says Barry Eichengreen, an economics professor at University of California at Berkeley, ``means pumping additional credit into the economy, given the limited effectiveness of sterilized intervention.''

Much of the extra credit created by the People's Bank of China is creating an investment bubble. Things have come to such a pass that to drive speculators out of the overheated property markets in Shanghai and Beijing, the central bank may have to raise interest rates -- something it's reluctant to do, out of fear that the move may end up stalling the entire economy.

Thus, the current situation, in which China leads the rest of Asia in propping up the dollar, may be unsustainable, even from the Chinese perspective. And if China desires to have some latitude in developing a monetary policy independent of the U.S. Federal Reserve, it may have no option but to let the yuan trade somewhat more freely against the dollar.

Dollar's Demise

However, Faber's mythical ``comrade'' believes that China will have the power to decide when to cause the demise of the overvalued dollar.

``We'll choose the perfect timing when geopolitical tensions are such that they're very conducive to have an economic crisis in the U.S.,'' said Faber, a former managing director at now-defunct junk-bond firm Drexel Burnham Lambert Inc. ``We'll also suffer, but far less than the Western world.''

Let's hope that China's Communist Party officials, who have assured the world of their intention to move toward a more flexible currency regime, aren't privately thinking like the ``comrade.'' Already, the U.S. current account deficit has created tensions that are ``large enough to crack the system in the next three to four years,'' Roubini and Setser say.

If China delays an exchange-rate adjustment only to dump the dollar later in a single shot, Faber's prognosis of gloom and doom could become a reality.

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From: ReconDRP10/13/2005 8:47:17 AM
of 118323
 
4 months of gains has been burn up in a puff of smoke. I don't see any signs of building slowing down in the south and the government will be pumping money to gulf next two years. keeping a lot of people busy. I do agree building does need to slow down a little cause it is out of control right now. But hopefully never like the jimmy carter times.

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To: Dale Baker who wrote (43169)10/13/2005 10:25:04 AM
From: ahhaha
of 118323
 
Second, the People's Bank of China uses a big chunk of its $483 billion of foreign-exchange reserves to buy U.S. assets, helping keep American interest rates low.

Interest rates aren't connected to market supply/demand factors except instantaneously. Inflation is the sole determinant otherwise, outside of very long term productivity which always runs at 2%.

Continued low rates will keep a ``feel-good factor going in the U.S.,' Faber said.

US rates are fixed by US FED monetary policy, not by largesse of the CCB.

Burden on China

For any Asian central bank, including the Chinese, ``intervening by purchasing dollars,' says Barry Eichengreen, an economics professor at University of California at Berkeley, ``means pumping additional credit into the economy, given the limited effectiveness of sterilized intervention.'


This is a misleading way to state that China has a competitive advantage. Forget the paper game of representation. Consider the material reality of output. For a unit of work China has far greater output. Therefore, its good are cheaper. That can't be changed by a paper shuffle.

Much of the extra credit created by the People's Bank of China is creating an investment bubble.

Extra credit? Money supply, demand for loanable funds, growth rate, stability of growth are all in line in China.

Things have come to such a pass that to drive speculators out of the overheated property markets in Shanghai and Beijing, the central bank may have to raise interest rates -- something it's reluctant to do, out of fear that the move may end up stalling the entire economy.

Why should the CCB raise rates? The US FED doesn't raise rates to cool "overheated property markets" in NYC and LA.

Thus, the current situation, in which China leads the rest of Asia in propping up the dollar,

THe CCB doesn't use much reserves to "prop up dollar". What should be the proper exchange rate? Shouldn't that rate reflect production efficiencies?

may be unsustainable, even from the Chinese perspective.

Even from the Chinese perspective? How could there be different perspectives? It's like saying there's different views on the length of a meter. Well, maybe there are, at the 12th decimal.

And if China desires to have some latitude in developing a monetary policy independent of the U.S. Federal Reserve, it may have no option but to let the yuan trade somewhat more freely against the dollar.

Somewhat more freely? What does somewhat mean? Whatever US unions demand it to be?

Dollar's Demise

However, Faber's mythical ``comrade' believes that China will have the power to decide when to cause the demise of the overvalued dollar.


Why is the dollar overvalued? Is Faber saying that markets are all wrong especially free ones?

``We'll choose the perfect timing when geopolitical tensions are such that they're very conducive to have an economic crisis in the U.S.,' said Faber, a former managing director at now-defunct junk-bond firm Drexel Burnham Lambert Inc. ``We'll also suffer, but far less than the Western world.'

Now defunct Drexel is the only message here.

The solution is simple: US labor must cut its cost to become competitive with ROW. No legerdemain in the paper shuffle will do it. You can't steer reality with illusions, at least, not for long.

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To: Dale Baker who wrote (43169)10/13/2005 10:40:24 AM
From: Dale Baker
of 118323
 
The stops keep falling - out of EWW for a profit and LR and NVAL for small losses. Picked up starter positions in MCGC and NFI-PC, the preferred stock. NFI-PC trades 10% under par with a 10% yield, backed by a mortgage portfolio that will throw off a ton of earnings for the next few years even if NFI stops originating mortgages tomorrow.

NFI-PC could go lower on sentiment and low liquidity but it's a decent addition to a moderate risk income portfolio now, or a swing trade for 10% plus divvies if you hang on a while.

Plenty of other stuff getting cheaper but I won't be adding until the overall selling panic lets up. The indexes may be flat but breadth sucks again today.

Also cashing out my remaining cigar butt stake in YARIY.

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From: Dale Baker10/13/2005 11:17:53 AM
of 118323
 
RELM Wireless to Begin Trading on the American Stock Exchange on October 14, 2005
Thursday October 13, 9:00 am ET

WEST MELBOURNE, Fla., Oct. 13 /PRNewswire-FirstCall/ -- RELM Wireless Corporation (OTC Bulletin Board: RELM - News) today announced its common stock has been approved for listing on the American Stock Exchange, and is expected to begin trading on October 14, 2005 under the trading symbol RWC. This approval is contingent upon the Company being in compliance with all applicable listing standards on the date its common stock begins trading on the Exchange, and may be rescinded if the Company is not in compliance with such standards.

On behalf of RELM's Board of Directors, Chairman George N. Benjamin, III commented, "Listing on the American Stock Exchange is a significant accomplishment for RELM as we continue to expand our business and increase stockholder value. We expect the listing to enhance the overall visibility and liquidity of our common stock and ultimately position the Company to attract a broader institutional stockholder base."

About RELM Wireless

For nearly six decades, RELM Wireless Corp. has manufactured and marketed high-specification two-way communications equipment for use by public safety professionals and government agencies, as well as radios for use in a wide range of commercial and industrial applications, including disaster recovery. Revolutionary advances include new low-cost digital portable two-way radios compliant with APCO Project 25 technical specifications. Products are manufactured and distributed worldwide under BK Radio, RELM/BK and RELM. The company maintains its headquarters in West Melbourne, Florida and can be contacted through its website at relm.com  or directly at 1-800-821-2900.

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To: ahhaha who wrote (43171)10/13/2005 11:21:59 AM
From: tom pope
of 118323
 
S/T rates yes. Long term rates?

US rates are fixed by US FED monetary policy, not by largesse of the CCB

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