Pleased as Dick

Halliburton's Engineering and Construction Group reported two days ago that its second-quarter revenues were up 23 percent over last year.

"Government services more than doubled, and onshore operations increased 21 percent, partially offset by decreases in both operations and maintenance of 12 percent and offshore operations of 22 percent. The increase in government services revenues was mainly attributable to activity in Iraq."

The wires all report, in one form or another, that the company's revenue from government contracts more than doubled because of work in Iraq.

On the other hand, wrote Reuters, "Halliburton apparently did not make much money in Iraq because the engineering and construction group leading operations there reported a $148 million loss for the quarter."

" 'All of the hullabaloo about Iraq and, at the end of the day, they don't make money on it and it doesn't help the stock,' " said Brad Handler, analyst with Blaylock & Partners L.P."