Oil Services company
climbed about 14% this week after the company provided an upbeat presentation to analysts Thursday, saying a reorganization of the company will provide annual costs savings in the neighborhood of $100 million, or about 10 cents to 15 cents a share after tax. The stock was also helped by the company's defense of its accounting practices. The company was accused of using aggressive accounting procedures to boost revenue back when Vice President Dick Cheney was at the helm by recognizing some of its unresolved claims against engineering and construction clients as revenue even though the dollar amounts were disputed. Analysts said the company's presentation helped to return the focus to the operating side of Halliburton, lifting the stock to its highest levels in six months.