enron mentions enron run feeling businessweek 10 29 01 press release enron corp outlook negative p 2001 10 25 17 24 new york concerned energy cos make changes enron dealings dow jones energy service 10 25 01 enron woes fuel online energy trade jitters reuters october 25 2001 enron trading partners say business usual correct bloomberg 10 25 01 kenneth lay resigns 2 board directors business wire 10 25 01 average investors need access good info bonds realmoney com 10 25 01 enron shares finish lower cbsmarketwatch com 10 25 01 selective buying wipes early losses associated press newswires 10 25 01 stock day enron cnnfn money gang 10 25 01 business week enron run feeling edited john protos 10 29 2001 businessweek 40 copyright 2001 mcgraw hill inc good times looking even farther away enron company inability extend energy trading model commodities proving increasingly costly oct 16 nation top natural gas trader leading wholesale electricity marketer reported 1 01 billion charge among things covers recent forays broadband water trading well unraveling pair limited partnerships partnerships raised questions conflicts interest recently overseen company cfo andrew fastow even though outside entities bought assets enron aftertax charge one reason company posted 618 million loss third quarter vs profit 292 million year ago period without charge enron would shown profit 393 million quarter copyright 2000 dow jones company inc rights reserved press release enron corp outlook negative p 2001 10 25 17 24 new york following press release standard poor new york standard poor oct 25 2001 standard poor today affirmed ratings enron corp triple b plus 2 subsidiaries revised long term ratings outlook negative due concerns significant drop market capitalization past week adversely affected company financial flexibility could impede management ability pursue plans rebuild balance sheet complete list ratings available ratingsdirect standard poor line credit research service calling standard poor ratings desk 1 212 438 2400 ratings portland general electric co remain creditwatch negative implications pending announced acquisition portland northwest natural gas co enron expects use asset sales proceeds next year restore balance sheet strength level consistent current ratings negative outlook acknowledges potential erosion company credit quality investor confidence company management waned concerns arisen possible long term effects core marketing trading business standard poor closely monitoring enron capital needs liquidity position crucial continued success core business operations believe company threatened liquidity concerns enron challenged economically convert sizable portfolio non strategic assets cash reduce debt strengthen balance sheet despite negative outlook several factors supportive enron credit quality sustained throughout uncertainty surrounding company fundamental strength enron energy marketing trading franchise remained steady standard poor detected lapses company risk management practices trading discipline significant deterioration trading volumes willingness counterparties transact enron revealed standard poor contacts major energy market participants moreover strategic direction company likely become credit positive wake recent management changes prior emphasis growth initiatives constant need new capital fund initiatives constrained credit quality company led concentrate core energy businesses refrain committing capital speculative ventures future credit profile improve company proceeds strengthening financial position assurances top levels enron management company maintain commitment credit quality steps taken support company common stock price expense credit quality provide support enron ratings outlook negative negative outlook enron based considerable challenges facing company attempts reduce balance sheet leverage asset dispositions timely manner shortfall company willingness ability restore balance sheet sales proceeds new equity issuances would result ratings downgrade current ratings stabilized company successfully reduce financial risk maintaining ability operations produce sustainable cash flow earnings without increasing business risk concerned energy cos make changes enron dealings mark golden kristen mcnamara jon kamp john edmiston dow jones newswires 10 25 2001 dow jones energy service copyright c 2001 dow jones 201 938 4604 mark golden dowjones com kristen mcnamara jon kamp chicago john edmiston houston contributed article copyright 2000 dow jones company inc rights reserved enron woes fuel online energy trade jitters october 25 2001 04 31 pm et reuters gelu sulugiuc new york oct 25 reuters enron corp ene n almost daily revelations fresh troubles prompted concerns powerful position online energy trading could prompt credit crunch rock fast growing industry though experts said thursday enrononline enron web trading platform survive investors skittish 1 u natural gas electricity marketer since last week enron shed 13 billion market value shares plunged forcing wednesday replace chief financial officer linked transactions investigation government regulators latest blow credit rating agency fitch thursday placed enron debt securities negative credit watch saying erosion investor confidence unabated would impair company access capital markets put list concerns two months ago made sure books balanced first stage precaution said one energy trader active enrononline 60 percent transactions enron captured enrononline far traders kept faith wednesday enrononline trades always involve enron either buyer seller conducted 8 000 transactions site notional value 4 billion daily average 3 5 billion people transacting higher levels prepare portfolios winter protect price volatility said vance meyer enron spokesman runaway success even enron anticipated success enrononline enjoys highest volume platform cut throat field internet energy trade initially company set yearly trading volume target 30 billion 40 billion business 10 days alone yet traders worry enron spectacular fall grace could make less solid counterparty certain eyes transactions two limited parterships run andrew fastow sparked investigations u securities exchange commission enron replaced fastow cfe wednesday hope would restore investor confidence enron shares closed 6 cents 0 4 percent 16 35 thursday stock lost 80 percent far year seen sign slowing making good market enrononline things get squared away keep tight leash credit issue one trader said thing bothers takes lot capital stock price wonder much credit left added credit line enron said week tap 3 35 billion credit line support trading marketing business experience wide swings cash flow depending commodity prices event push comes shove liquidity crunch believe company could generate substantial cash selling variety assets said ron barone analyst ubs warburg enrononline lose steam big winner main rival atlanta based ice already routinely trades 1 billion day recent news shows may kinks armor people may stop using enrononline said kyle cooper analyst salomon smith barney clearly ice could benefit alternative online platform enrononline still force reckoned experts said enron clearly survive enrononline still remain dominant force internet energy trading said barone nonetheless traders playing safe credit main game nowadays long exposed greatly one entity live play another day something happens one trader said reuters enron trading partners say business usual correct 2001 10 25 16 36 new york enron trading partners say business usual correct corrects enron commercial paper total 1 85 billion 19 th paragraph houston oct 25 bloomberg concerns enron corp run short cash prevented commodities traders business largest energy broker customers say enron handles 25 percent u power natural gas trading said john kilduff vice president energy risk management fimat usa also leader complex derivatives allow others hedge risk fluctuating commodities prices far signs houston based energy trader world largest less business kilduff said unable perform would major problem kilduff said could get like long term capital things really broke numbers big long term capital management private investment fund wealthy incurred massive losses making bond trades 1998 russian currency crisis fund portfolio plunged dozen banks bailed fund cost 3 6 billion avoid collapse enron credit rating watch possible downgrade moody investors service 1 01 billion third quarter losses declining value soured business investments cash upfront falling investment grade would force enron risk upfront cash trades trading partners said substantially raise cost borrowing company dependent affordable credit enron based houston ousted chief financial officer andrew fastow yesterday two days u securities exchange commission began asking questions partnerships ran invested company shares trades cost enron 35 million enron shares fallen 49 percent past week fell 6 cents 16 35 today company also faces questions investors 3 3 billion potential liabilities affiliated companies formed buy sell enron assets power plants affiliates owe payments bond investors plan meet selling assets enron know sales proceeds cover debt company would make good shortfall needs cash daily enron trades electricity natural gas coal commodities worldwide well complex financial instruments hedge price swings goods enron active markets kilduff said one cutting trading lines see demanding different terms companies trade heavily enron require cash every day settle positions said kilduff whose company swaps natural gas energy investments enron days fimat bet natural gas prices fall enron bets rise natural gas usually one every day someone pays difference liquidity trading partners risk factor kilduff said someone paying someone else every day enron said conference call tuesday enough money operate normally fall back 3 4 billion bank credit lines necessary determined protect credit rating enron spokesman said little time pacify market enron asked citicorp inc tuesday arrange 750 million loan ensure would access credit cut money markets based bloomberg composite ratings enron long term debt rated bbb 2 bbbl two three levels investment grade fitch standard poor moody rate company debt investment grade enron 1 85 billion commercial paper short term unsecured debt outstanding tuesday traders said company 3 billion program difficulty finding buyers new commercial paper sales since sec investigation announced traders said today enron offered two week commercial paper 3 percent yield 10 15 basis points comparably rated companies appears enough liquidity give enough time get house order said jon kyle cartwright senior energy credit analyst raymond james romesh wadhwani vice chairman greg brady ceo 2 sandeep tungare chairman ceo vistaar robert crandall former chairman ceo amr corporation american airlines harvey b cash general partner interwest partners 2 decade 2 leader supply chain management 2 extended technology expertise dynamic value chain management solutions help companies collaborate decision making processes across functions within single company across multiple companies 2 solutions span value chain interactions including customer relationship management supply chain management supplier relationship management established 1988 2 software solutions provider measures audits reports total value provided customers mission deliver 75 billion value 2005 learn www 2 com 2 registered trademark 2 technologies inc subsidiaries contact 2 technologies inc brent anderson 469 357 7347 brent _ anderson 2 com 16 07 edt october 25 2001 copyright 2000 dow jones lay resigns 2 board cbsmarketwatch com 10 25 01 new york cbs mw shares enron finished lower 7 th straight session thursday one day energy merchant replaced chief financial officer move company said help restore shareholder confidence thursday fitch placed enron securities watch potential downgrade company credit already review moody investors service also thursday chief executive ken lay resigned board 2 technologies citing increasing responsibilities enron enron traded high 17 95 session closed 16 35 6 cents 39 million shares changed hands wednesday day issuing public vote confidence cfo andy fastow enron chief executive ken lay ousted latest two week series events cut company share price half enron named jeff mcmahon new chief financial officer move follows tuesday conference call failed attempt enron restore investor confidence company andy fastow well regarded low profile individual enron unfairly pilloried press said john olson analyst sanders morris harris houston weight circumstantial evidence material stock price decline made inevitable olson predicted wednesday cfo swap would improve enron credibility wall street fastow could immediately reached comment analysts unsatisfied enron fire since last week questions surfaced accounting practices especially regard two limited partnerships created fastow 1999 since dissolved fastow integral transactions currently scrutiny leave absence raises questions answers banc america securities analyst maze told clients thursday enron said fastow taken leave absence mcmahon recently chairman ceo industrial markets group treasurer 1998 2000 would take continued discussions financial community became clear restoring investor confidence would require us replace andy cfo said lay statement karen denne spokesperson enron said numerous discussions tuesday wednesday led decision said know fastow would return management change designed instill badly needed investor confidence however find fastow departure unsettling given management strong endorsement one day prior maze noted downgraded stock thursday market performer strong buy morningstar analyst rob plaza said using fastow scapegoat nothing address issues enron enron needs forthcoming balance sheet deals transparent financial statements order answer critics plaza said criticism olson called tuesday conference call missed opportunity saying enron real opportunity show investing public become forthright open unfortunately enron overloaded lawyers said olson recommended stock recently company much abused maligned people wall street excellent businesses carrying losers enron excellent growth profile tremendous profitability growth businesses excellent surplus cash flow olson said enron expects generate 3 billion cash flow year 500 million devoted dividends 1 billion maintenance capital spending company 1 5 billion free several wall street firms cut ratings enron shares wednesday including prudential securities firm advised clients sell stock rare recommendation prudential rated company shares hold much consideration lowering rating things know things potentially know company wrote prudential analyst carol coale note monday enron announced related party transactions within limited partnerships review securities exchange commission several shareholder lawsuits subsequently filed olson said unlikely enron coterie lawyers would allow creation illegal investment vehicles whether decision right conceded probably ubs warburg ron barone thursday raised idea enron acquisition target deterioration seen share price enron would good catch larger better capitalized companies want make inroads unregulated wholesale retail energy markets said enron strength lies areas fitch weighs fitch said thursday reviewing ratings enron debt preferred stock commercial paper agency also placed debt two enron subsidiaries rating watch negative fitch said action response enron recent disclosures concerning limited partnerships loss investor counterparty confidence continues would impair enron financial flexibility access capital markets therefore impacting ability conduct business fitch wrote fitch also voiced concern two limited liability companies marlin water trust ii osprey combined debt 3 2 billion enron verified underlying assets adequate market value fully pay associated debt fitch said denne said company plans use proceeds asset sales pay debt lisa sanders dallas based reporter cbs marketwatch com selective buying wipes early losses seth sutel ap business writer 10 25 2001 associated press newswires copyright 2001 associated press rights reserved new york ap selected buying technology energy shares pulled stock market higher thursday reversing morning slide triggered pair grim economic reports shares semiconductor makers equipment manufacturers particularly well energy traders led surprisingly strong performance williams cos tulsa based energy firm 83 percent jump third quarter net earnings late afternoon dow jones industrial average 103 16 9 448 78 reversing earlier deficit 167 points nasdaq composite index 36 29 1 767 83 standard poor 500 index 12 79 1 097 99 earlier pair dismal economic reports compounded worries fallout last month terror attacks send stocks lower recent sessions investors absorbed bad news focused good news regarding individual companies williams cos surpassed analysts estimates third quarter raised forecasts full year earnings 2001 2002 investors rewarded company driving shares 1 42 27 32 bringing several parts energy sector along even shares enron rose day embattled company dismissed chief financial officer replaced another executive within company enron 28 cents 16 69 semiconductor shares also rebounded led industry bellwether intel 44 cents 25 92 applied materials 1 35 36 69 leading data storage maker emc also 1 06 13 54 traders said afternoon passage senate anti terrorism legislation also helping lift investor sentiment late wednesday house passed 100 billion economic stimulus package combat effects terrorist attacks economy surprisingly large drop orders durable goods weighed heavily market morning poor earnings results american international group worldcom commerce department reported orders plunged september fourth consecutive month 8 5 percent decline far worse 1 3 percent dip many analysts forecast labor department also reported number newly laid americans filing unemployment benefits rose 8 000 last week 504 000 second highest figure nearly decade level generally associated recessions russell 2000 index barometer smaller company stocks rose 6 97 434 62 advancing issues outnumbered declining ones 9 7 margin new york stock exchange volume came 1 02 billion shares slightly wednesday pace overseas japan nikkei stock average ended day 0 7 percent afternoon trading germany dax index 2 9 percent france cac 40 fell 2 4 percent percent britain ft se 100 declined 1 6 percent net new york stock exchange http www nyse com nasdaq stock market http www nasdaq com copyright 2000 dow jones defending past days graphic enron ene cfo andrew fastow takes leave absence named jeff mcmahon take place graphic enron names jeff mcmahon new cfo company says order restore investor confidence surprise well stock plummeted ever since reports said cfo invested controversial partnerships sec inquiring partnerships led andrew fastow graphic enron ene 52 last 2 weeks see happened stock last two weeks tailspin since third quarter earnings release sec inquiry look past year even eighty percent graphic enron ene 80 year date months ago august ceo jeff skilling suddenly resigned senior managers left company even steps taken rena putting new cfo spot ron baron analyst ubs warburg says step right direction graphic enron ene 87 2000 carole cole prudential says sell says things know company know company stock eighty seven percent year 2000 wall street darling back basically old economy pipeline transformed new economy company pipes fiber yes company got online wholesale trading energy products broadband business formed sexy partnership blockbuster video would basically stream bought blockbuster videos home using fibers sic deal fell apart later tech boom went bust stock used trade like tech stock went south issues facing company one 3 3 billion dollars notes due next twenty months according wall street journal company thinks pay back without issue new stocks analysts think otherwise company overly diversified businesses broadband way extended losses eighty million dollars third quarter twenty million last year water waste water company company xurex facing sec inquiry inquiry prudential carole cole says could lead probes partnerships transactions partnerships end dissolved company could face stock hit least one billion dollars finally company faces lower energy prices power gas customers trying renegotiate contracts get better deal many issues facing enron graphic issues facing enron pat ali pat kiernan co anchor fred thank stay us let get enron analyst follows company velshi curt launer covers natural gas oil companies credit suisse first boston joins us firm new york office curt thanks curt launer credit suisse first boston good afternoon thank velshi curt looking chart stuff enron mean stock sixty eighty dollar band february 2000 almost year may year even year fifty two week range seventeen dollars eighty five dollars trading fifteen dollars eighty five dollars trading sixteen dollars change thoughts stock performance launer well clearly horrific decline lot reasons behind way probably unreal lot reasons enron trade fifty times earnings little bit year ago think equally unreal trading eight times earnings right everything going right scenario year little bit ago scenario right one says price telling us everything going go wrong think everything going go right think everything going go wrong point katayama curt company broadband mean highly touted year ago losses mounting demand weakening launer broadband really part story much anymore part write offs taken enron third quarter earnings report referred really got company level broadband investment books small probably additional tag write offs could taken broadband business large measure bro broadband portion business bandwidth trading moved enron wholesale business content services business one time high flying blockbuster deal basically dismantled kiernan curt company addressed problems past twenty four hours mean building credibility back investors launer going long stretch build would call real credibility back graphic enron ene 16 91 50 got start somewhere placing leave absence andy fastow step right direction clearly lost credibility personally lot questions remaining relative partnerships put place see anything untoward accounting point view believe sec inquiry going come anything untoward extensive reporting partnerships last couple years existence questions come financial ramifications referred 3 3 billion dollars asset value degree unaccounted currently terms assets partnerships ultimately think going resolved perhaps partially issuance equity debt holders behind partnerships get cleared credibility restored attractive valuation enron velshi right curt thanks much joining us today launer thank velshi curt launer natural gas analyst credit suisse first boston fred katayama stocks editor enron stock day