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Taking Profits on Diamond Offshore Drilling (NYSE: DO)
On Monday March 9, barely three months ago, I strongly recommended buying Diamond Offshore (NYSE: DO) as part of Money Morning’s “Buy, Sell, or Hold” feature.
Both the stock and the Standard & Poor’s 500 Index had both hit 52-week lows the Friday before. But oil had already bottomed three weeks prior, and the lax fiscal and monetary policies of governments around the world seemed almost certain to promote reflation. Additionally, since the earlier oil bottom, Diamond Offshore stock had been outperforming the market.
Diamond not only had compelling fundamentals, it sported an incredibly high dividend yield, particularly if you combined both the regular…
15Jun2009 | Money Morning | 1 comment | Continued
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