I am announcing an immediate buy-signal on U.S.-based energy services company Allis-Chalmers Energy (ALY: NYSE) at the current $5 range. The company’s shares were trading well above the $25 level at the mid-point of last year and appear poised for an extended rebound. Allis-Chalmers provides services and equipment to oil and gas exploration and production companies primarily in the United States. Now, with the announced acquisition of BCH, a Canadian oilfield services company that works exclusively in Brazil, Allis-Chalmers can be expected to make a major push into the international oil services sector. Buy ALY now at current prices.

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