WOR - up 8% and over 52 week high, page-29

Over past 12 months or so have I've been long in UGL and SWK. Done good on both and closed my last UGL position this morn. Am short MND which reports tomorrow and will provide an indicator re the engineering sector re energy and mining i.e. same sector WOR gets 80% of revenue. I opened more shorts in WOR this morn at just above $9.40av. Have plenty and will await the yr end result on Wednesday. I'll write more later but I'm simply taking the other side of the same trade i.e. buyers see undervalue and i see overvalue. The recent updates from WOR are murky and actual EPS forecast is not easy but the chronic dropin new projects in energy and mining space makes me feel WOR's earning going fwd are likely to weaken. WOR do very little work in the civil engineering sector eg roads, rail, water, power.... hence don't benefit from increased govt spending in this space.