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Lufkin Industries (LUFK) zooms 37% higher to $87.78, just under GE's (GE +0.4%) acquisition...

Lufkin Industries (LUFK) zooms 37% higher to $87.78, just under GE's (GE +0.4%) acquisition offer of $88.50/share, which represents a 38% premium to Lufkin's close on Friday. "GE (is) putting together (a) soup to nuts oil service company now because of U.S. drilling," Jim Cramer tweets. Shares in Lufkin's main rival, Weatherford International (WFT), +4.15%.
Comments (3)
  • SSGAJ
    , contributor
    Comments (125) | Send Message
     
    Does anyone have any opinions/thoughts on how this will affect WFT. I see it gain over 4% in pre-market trading, but that is not much of a long-term indication.

     

    I stand corrected. It appears it has just lost that 4% pop.
    8 Apr 2013, 08:49 AM Reply Like
  • sami12159
    , contributor
    Comments (24) | Send Message
     
    Having worked for GEand know of Lufkin which main product is gearing, I don't see it as a good fit for GE
    8 Apr 2013, 09:42 AM Reply Like
  • muenstermann
    , contributor
    Comments (13) | Send Message
     
    Hello SSGJ:
    I am not sure what you are looking at. At this very moment, 15:00 CET (09:00 EST), WFT is up a full 4.89% on the SMI. I have been long WFT for some time, and hope it continues to rise.
    If you are long also, viel Glueck!
    8 Apr 2013, 10:03 AM Reply Like
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