Atwood Oceanics' Short but Sweet Beat

I continue to knock on every piece of wood, artificial or otherwise,as we continue to stake through this earnings period without a majorblowup.<!----> With so many positions this is a bit uncanny - and myassumption will be this only means next earnings period we'll be takingsome body blows as what the market gives, she takes away soon enough.But for now we enjoy.

Deep sea oil driller Atwood Oceanics (ATW)reports a serious beat on the bottom line and a solid beat on the topline. This continues the pattern in the sector and it only getsbetter from here as old contracts disappear and new contracts getsigned at much higher rates. Analysts have estimated $6.71 for 2008profits and $10.49 for 2009... I continue to believe this entire groupis sadly undervalued as it's been treated as a cyclical play as opposedto a secular play... the latter should derive much higher valuati