This time they are even pointing towards increased costs contributing to 30% of the reduced expectations. More specifically, they are pointing toward increased costs attributable to the expensive investigation of stock option granting processes.
Nabors is playing the reduced expectations and guidance game. By being ultra disclosure hysterical, they keep pointing to the same short-term issues and keep beating the bad news drum.
The institutions seem to be believing the bad news vibe as they have sold approx 17.2 million shares or 8.1% of their holdings as at recent reports.
There is very little focus on anything long term. In reviewing insider transactions, the board seems to have been awarded on Feb 22, 2007 an allotment of 12,000 shares per person.
On Mar 6 Anthony Petrello, in what is reported as a Direct Option Exercise, pulled the trigger on 2,298,650 shares valued at approximately $53.5 million ($23.25 @ share).
Despite the supposed bad news, that is one hell of a commitment.
NBR 1-yr chart