Trade Rationale: CLB is the premier "high-tech" company in the oil field services industry and is Well Positioned for the upturn. The company has a strong position in North American shales plays which I expect to remain the focus for U.S. and Canadian Independents, and also broad exposure to the international markets which I believe are in the early stages of a multi-year recovery that is poised to accelerate in 2011. In addition, Core's technologies are geared towards understanding reservoirs and improving production - services that are in increasing demand as the global reserve base continues to age. The stock has been overly punished because of the flattish North American revenues due to capacity constraints. Support level for the price is around $76/sh. If the put is not exercised, I will have a naked yield of 0.8% in 29 days.
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