Did you have a question?

It’s had a huge run-up and is far from a sure thing, is all I can tell you right now. Stock could obviously go higher, but the biotech space is extremely volatile and often trades on highly specialized information best interpreted by experts. So do ask yourself how much edge you have in this space versus pros with good access to expert and sometimes insider opinion.

I’ve now looked at the numbers and read the conference call transcript and really am more encouraged than anything else. Some of what ended up as a 5.6% daily loss yesterday we can chalk up to general energy weakness, but more probably had to do with incremental management talk that the rate of inquiries had leveled off of late as crude pulled back to $50. But looking at HP’s cash flow and fleet economics over the entire cycle and the longer-term macro factors driving crude prices, I remain unabashedly bullish. They have a huge backlog of advanced idle rigs seeing the biggest price gains right now, have increased US land market share from 15% in ’14 to 19% today and are still generating cash. Shale output is being supported by a backlog of drilled but uncompleted wells that’s getting worked down pretty quickly. Soon, there will need to be more drilling to maintain shale output and growth rates, and perhaps to meet global demand that shows no sign of slowing down. We might need $60-65 crude to see this stock pay off. We’ll get there.

I would have slapped a Sell on it if I thought it worth dumping. Definitely been a tough hold, as you would expect in the current oil price environment. But I’m not down on it at all.