- “weakness … in [MDR’s] project bidding and execution;”
- management “problems” and “issues;”
- substantial restructuring costs for its Atlantic operations; and
- “operating losses in its Middle East, Asia Pacific segments.”
Oil services stocks are mired in bear market territory.
Trade-Ideas LLC identified McDermott International (MDR) as a "dead cat bounce" (down big yesterday but up big today) candidate
Performance varies. McDermott continues to outperform crude oil, while Noble and Tidewater remain in bear market territory.