Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Fluor Corp

|Includes: Fluor Corporation (FLR)

Fluor Corp. (NYSE: FLR)

Originally recommended on March 17/08 (IWB #2811) at $68.27 (split-adjusted). Closed Friday at $49.39. (All figures in U.S. dollars.)

When I last wrote about this stock it was at $64.11 and I advised holding it. It has since sold off to the $47-$50 range and seems to be basing at this level after fluctuating wildly from a low of $28.60 to a high of $89.60.

Recently the company was awarded large contracts in Afghanistan by the U.S. army. That caused the stock to jump and with the various stimulus packages in place around the world Fluor should be a beneficiary.

Fluor Corp. is the best in class in terms of the large engineering companies but these firms are highly cyclical, as they have proven this past year. I believe the stock should rise from here. Engineering is not my favourite sector right now but I would continue to hold the stock until the price gets closer to the mid-$60s, at which time we'll give it another look.

Action now: Hold.