$ORIG POSSIBLE SETUP, 5TH WAVE ABOVE 0.75 INCOMING
August 12, 2016
Shares of Ocean Rig UDW Inc . ORIG , were nearly halved in premarket trade Friday, after the oil services company said it would continue to explore reorganization strategies that could include bankruptcy given the continuation of "extremely negative" market conditions. The company said late Thursday that oil companies continue to reduce their offshore budgets, the floater rig market is expected to become even more oversupplied than it already is, and a recovery may not occur for several years. "We continue to explore and consider alternatives, which may include a possible reorganization under US bankruptcy laws or another jurisdiction, so that we can ride out this very difficult cycle with feasible prospects for strong, long-term success." The stock plunged 61% ahead of the open.
Look forward for further upside above 0.70