Another positive occurrence happened in the oil patch. While oil did not go up Wednesday, the largest oil service firm Schlumbergerbought Cameron for $14.8 billion in cash and stock. This was a big deal for Cramer, because Schlumberger paid a huge 56 percent premium for Cameron. It wouldn't have made a move like that if it believed that drilling was going away.
Schlumberger committing this amount of capital was a signal to Cramer that we could be closer to a bottom than most people think, and it couldn't afford to wait to snap up Cameron. This bullish move put a bid under energy stocks, even as oil went down again.
This is HUGE people. Read this and think about it. Why would the worlds largest company pay such a large premium for a company?
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