Burned by Ensco, Now What?
By: A long position in Ensco looked like a hot trade but all it’s done so far is burn trader Stephanie Link.
Link, who is director of research at TheStreet, made the fateful call back on May 3 as a bet the stock had been oversold.
“Energy has been one of the worst performing groups this year,” she said at the time.
“Now there are some bargains in the space. Look at the deep water drillers. Look at Ensco I think Ensco is one investors should pick up on the cheap.”
If you hit the buy button in early May, Ensco has taken you on one heck of a roller coaster ride. Ensco shares tumbled over 10% during that period, although they've recovered recently.
What now?
“I still like the deep water space very much and I still like this stock, says Link on Wednesday July 11th. Sounds like she’s still looking for upside.
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