On Wednesday October 1st Hal fell below our stop loss price of $63. After further evaluation we agree that there has been a fundamental deterioration in both our investment thesis and in the sector as a whole. The oil field services industry has been down recently and Hal has declined near 10% in the month of September. We will continue to monitor Hal and look for a more favorable position to enter this later this year if macroeconomic conditions improve. While Hal still retains its core strengths and strong North American exposure, it simply cannot compensate for systemic issues in its industry at this time.
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