enron mentions enron jolt investments assets generate big loss part charge tied 2 partnerships interests wall street wall street journal 10 17 01 enron posts loss quarter citing one time charges asian wall street journal 10 17 01 enron reports 1 billion charges loss new york times 10 17 01 companies finance americas enron tries see bright side 1 bn levy financial times u k edition 10 17 01 observer excuse avenue americas financial times u k edition 10 17 01 world stock markets financials lead wall street modest gains financial times u k edition 10 17 01 world stock markets end wall st surge leaves techs struggling financial times u k edition 10 17 01 enron posts loss write downs houston chronicle 10 17 01 mark market defiant spring steps capital markets report 10 17 01 lex column enron lex column financial times u k edition 10 17 01 internet tax ban extended washington post 10 17 01 united states globe mail 10 17 01 enron corp reiterated strong buy first albany bloomberg 10 17 01 brazil energy rules deter investment shortages choke economy bloomberg 10 17 01 former montana governor named u envoy lumber dispute associated press newswires 10 16 01 enron reports third quarter loss due investment writeoff associated press newswires 10 16 01 enron long term debt ratings review possible downgrade moody afx news 10 16 01 enron chmn ceo cnnfn market coverage morning 10 16 01 enron ceo interview fox news world enron corp chmn ceo interview cnbc dow jones business video 10 16 01 enron jolt investments assets generate big loss part charge tied 2 partnerships interests wall street john emshwiller rebecca smith staff reporters wall street journal 10 17 2001 wall street journal cl copyright c 2001 dow jones company inc enron corp yesterday took 1 01 billion charge mostly connected write downs soured investments producing 618 million third quarter loss loss highlights risom pipeline com particular slice raises anew vexing conflict interest questions slice connected pair limited partnerships recently run enron chief financial officer company said charge connected partnerships 35 million involves early termination certain structured finance arrangements two years ago chief financial officer andrew fastow entered unusual arrangement employer approval board enron mr fastow set ran partnerships stood make millions according partnership documents company says arrangement proper corporate governance watchdogs questioned whether chief financial officer responsible overseeing financial interests company involved partnership among things looking purchase assets enron two partnerships ljm cayman lp much larger ljm 2 co investment lp engaged billions dollars complex hedging transactions enron involving company assets millions shares enron stock clear enron filings securities exchange commission enron received return providing assets shares number transactions notes receivable provided partnership related entities mr fastow role chief financial officer made privy internal asset analyses enron offering memorandum ljm 2 partnership said dual role result steady flow opportunities make investments attractive prices mr fastow would find interests aligned investors economics partnership would significant impact general partner wealth according document written statement response questions enron based houston said never obligation enron transaction ljm enron board established special review approval processes senior management external audit legal counsel ensure transaction ljm partnership fair best interest enron shareholders appropriately disclosed mr fastow enron spokesman declined interviewed announcing third quarter loss enron said partnership related write offs part larger 544 million charge related diminished value investments retail power business broadband telecommunications technology addition also 287 million write resulting investment azurix corp water company enron spun repurchased enron posted third quarter loss 84 cents share compared gain 34 cents share year earlier period revenue rose 59 47 6 billion 4 p yesterday enron stock 67 cents share 33 84 composite trading new york stock exchange remains far 52 week high 84 88 monday day earnings announcement enron stock dropped 7 interview enron chairman chief executive kenneth lay said write offs designed part effort find anything everything distraction causing cloud company quarterly loss latest series setbacks faced enron recently years almost unbroken success mounting problems expensive moves water telecommunications businesses steady stream executive departures notably surprise resignation august enron president chief executive jeffrey skilling said left personal reasons fallen stock price partnership arrangement involving mr fastow highly regarded chief financial officer first surfaced enron sec filing 1999 recently attracted wall street concern late july mr fastow severed relations partnerships according company sec filing company officials said move partly related questions raised analysts large enron shareholders little inner workings ljm partnerships disclosed date private partnership documents reviewed wall street journal indicate enron agreed partnership arrangement potentially huge financial rewards mr fastow ljm cayman partnership raised relatively modest 16 million according documents ambitious ljm 2 aimed raise least 200 million documents show among investors credit suisse group credit suisse first boston wachovia corp general electric co general electric capital corp arkansas teachers fund committed 30 million 7 4 million tapped late last month bill shirron fund manager said ljm arrangement already returned 6 million us home run far mr shirron added according ljm 2 offering document general partner made mr fastow least one enron employee received management fee much 2 annually total amounts invested additionally general partner eligible profit participation could produce millions dollars partnership met performance goals projected 10 year life exchange general partner obliged invest least 1 aggregate capital commitments interview earlier year mr lay said ljm arrangement produce conflicts interest related party transactions involving top managers directors unusual said almost big companies related party transactions typically related party transactions involve dealings partly owned affiliates contract firm tied one company outside directors rare top executive position could conflicting fiduciary responsibilities ljm 2 offering document states responsibilities mr fastow partnership officials enron could time time conflict fiduciary responsibilities owed partnership partners institutions approached potential ljm investors demurred partly potential conflicts enron publicly stated partnership deals aimed help hedge fluctuating values growing portfolio assets past decade enron seen asset base rocket 100 billion result rapid growth enron times strapped capital sought ways bring outside investors help bolster balance sheet charles lemaistre outside enron director president emeritus anderson cancer center university texas said viewed partnership arrangement partly way keeping mr fastow enron try make sure executives enron sufficiently well paid meet market would offer said enron interest retaining mr fastow may heightened exodus top managers cashing large stock option grants company success 1999 2000 mr fastow yield options 12 months aug 31 4 6 million according disclosure reports compiled thomson financial mr lay netted 70 million exercising options period mr skilling former president realized nearly 100 million copyright 2000 dow jones company inc rights reserved international news enron posts loss quarter citing one time charges dow jones newswires 10 17 2001 asian wall street journal 2 copyright c 2001 dow jones 287 million related called asset impairments recorded azurix 180 million restructuring broadband services excluding items enron based houston said earned 393 million 43 cents share helped core wholesale retail energy businesses natural gas pipelines figure matched consensus estimate analysts according thomson financial first call revenue soared 47 61 billion 30 01 billion copyright 2000 dow jones section c enron reports 1 billion charges loss kenneth n gilpin 10 17 2001 new york times page 5 column 1 c 2001 new york times company enron corporation nation leading wholesale electricity marketer natural gas trader posted third quarter loss yesterday 1 billion one time charges various businesses company reported net loss 618 million 84 cents share contrast net income 292 million 34 cents share period year earlier excluding charges enron said earned 393 million 43 cents share revenue jumped 59 percent 47 6 billion 30 billion year ago charges total 1 01 billion 1 11 share included 287 million write azurix company troubled water management division 180 billion restructuring charges broadband telecommunications operation half charges related various investment losses mostly enron stake new power company retail electricity joint venture aol time warner b thorough review businesses decided take charges clear away issues clouded performance earnings potential core energy businesses kenneth l lay enron chairman chief executive said statement even stock surged last year year analysts complained company complex web businesses lacked clarity financial reporting wake california energy crisis value enron shares began sharp retreat focus problems operations intensified aug 14 jeffrey k skilling abruptly resigned president chief executive six months job move forced mr lay transformed company intrastate pipeline company energy conglomerate resume operational control wall street expecting write offs analysts said could coming news yesterday little effect enron shares rose 67 cents 33 84 59 percent year telegraph exactly going said david fleischer analyst goldman sachs many quarters topic many billions going write question next ronald barone analyst ubs warburg said write offs step right direction investors look confidence problems faced addressed said mr barone others said company might make decisions point troubled international assets including power plant india well broadband unit earlier year mr skilling insisted enron broadband trading business worth 35 billion restructuring yesterday enron 600 million investment broadband think anyone knows broadband operation worth said todd shipman analyst standard poor seems think big prospect short term turnaround putting whole thing cold storage despite enron potential analysts said mr lay faced considerable task management lost credibility reprove mr fleischer goldman sachs said need convince investors earnings real company real growth realized proven time earnings report issued yesterday provides little breakdown added take disclosure copyright 2000 dow jones company inc rights reserved companies finance americas enron tries see bright side 1 bn levy julie earle 10 17 2001 financial times u k edition c 2001 financial times limited rights reserved companies finance americas enron tries see bright side 1 bn levy diversified industrials failed investments telecommunications energy water take toll enron us energy trader yesterday attempted reassure market revealed hefty 1 01 bn charge related failed investments telecommunications retail energy sales water businesses houston based company outlined recovery plan including asset sales charge along weaker expected performance europe sign improvement broadband division overshadowed good news analysts exerted pressure company release detailed financial results warned surprises analysts meeting new york tomorrow moody investors service placed enron 13 bn debt securities review downgrade midday new york company shares 17 cents lower 33 continuing 60 per cent share slide year ken lay chairman back helm abrupt resignation former chief executive jeff skilling august said three main concerns enron remains entangled fallout california energy crisis sale troubled dahol power project india slump broadband division said investors willing overlook lack clarity enron difficult times want dig little deeper enron along said chris ellinghause analyst williams capital group mr lay said yesterday enron planned offload assets selling electricity utility portland general electric northwest natural gas 1 8 bn month mr lay said despite charge company strong quarter fundamentals remained strong optimism fourth quarter next year cleaned operations hopefully get sharper focus company true strengths growth come earlier mr lay revealed 618 84 cents share loss quarter profit 292 34 cents last time charges included 544 losses investments new power company broadband technology investments company took 180 charge restructure broadband division 287 loss related azurix water treatment infrastructure business revenue jumped 60 per cent 47 6 bn company main profit driver wholesale energy division strong results natural gas electricity trading especially north america asked enron intended report charges mr lay said thought impaired assets would list today c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved observer excuse avenue americas 10 17 2001 financial times u k edition c 2001 financial times limited rights reserved excuse ken lay chairman enron us energy group trader hot seat yesterday trying explain surprise 1 bn charge analysts media company third quarter conference call hapless caller offered light relief duke conference call listener asked interrupting lay explanation hefty third quarter loss failed investments telecommunications retail energy sales water duke energy competes head aggressive houston based enron conference host moved swiftly calling duke enron third quarter call much laughter ensued lay promised provide analysts information company chimed like ask duke lay approach noticeably relaxed despite poor result unlike predecessor right hand man jeff skilling quit company august still fondly remembered use vivid epithets conference calls c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved world stock markets financials lead wall street modest gains mary chung 10 17 2001 financial times u k edition c 2001 financial times limited rights reserved us equities reversed losses posted modest gains late trading financials leading way stocks bounced positive territory making decisive move higher dow jones industrial average closed 36 61 9 384 23 p 500 index edged 7 56 1 097 54 nasdaq composite rose 25 76 1 722 07 volume remained low 1 2 bn trades nyse traders said accounted session exaggerated moves investors combed slew corporate earnings reports braced big cap results close including statements tech heavyweights intel ibm intel 2 4 per cent ibm slipped 0 15 per cent kind hot heavy earnings season main focus results said tom van leuven us equity strategist jp morganchase trend lowered expectations translating lower consensus growth numbers financials showed strength bank one 8 per cent 32 81 reported third quarter earnings surpassed expectations shares wells fargo fell 1 4 per cent 40 19 reporting 42 per cent rise net income although earnings fell short analysts estimates dow components american express rose 1 3 per cent 31 30 citigroup 2 9 per cent 46 09 caterpillar slipped 0 35 per cent 48 03 construction equipment manufacturer reported third quarter earnings failed meet wall street estimates united technologies brought cheer investors company topped expectations posted 14 per cent rise profits company also said would cut 5 000 jobs shares rose 2 per cent 54 johnson johnson 2 per cent 56 77 health consumer products maker posted results beat estimates energy stocks broadly higher enron energy trader 2 per cent 33 84 reporting quarterly results met expectations excluded 1 bn charge wl paso gained 2 per cent 52 52 chevrontexaco tacked 0 8 per cent 89 15 leading technology stocks higher microsoft 0 7 per cent 58 45 cisco systems gained 4 7 per cent 16 97 morning economic data negative september industrial production fell 1 per cent following august 0 7 per cent decline toronto closed higher led gains technology base metal stocks p 300 composite index rose 71 99 1 03 per cent end 7 027 62 c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved world stock markets end wall st surge leaves techs struggling mary chung 10 17 2001 financial times u k edition c 2001 financial times limited rights reserved us equities mixedby midday earlyrally evaporated sending blue chips lower leaving technology stocks battling stay positive territory dow jones industrial average lost momentum 10 72 9 336 90 p 500 index edged 0 52 1 090 50 nasdaq composite held 7 13 gain 1 703 44 investors combed slew corporate earnings reports braced big cap results close including statements tech heavyweights intel ibm intel 1 per cent ibm slipped 1 per cent kind hot heavy earnings season main focus results said tom van leuven us equity strategist jp morganchase trend lowered expectations translating lower consensus growth numbers caterpillar weighed dow construction equipment manufacturer reported third quarter earnings failed meet wall street estimates stock fell 2 per cent 47 31 united technologies brought cheer investors company topped expectations posted 14 per cent rise profits company also said would cut 5 000 jobs shares rose 3 per cent 54 65 johnson johnson 1 2 per cent 56 40 health consumer products maker posted results beat estimates enron energy trader 1 per cent 33 45 reporting quarterly results met expectations excluded 1 bn charge financials stronger american express 1 per cent 31 16 citigroup 2 2 per cent 45 81 wells fargo gained 0 34 per cent 40 91 reporting 42 per cent rise net income although earnings fell short analysts estimates bank one rose 6 2 per cent 32 34 reported third quarter earnings surpassed expectations leading technology stocks mixed microsoft trading near flat 58 13 cisco systems gained 1 per cent 16 38 morning economic data negative september industrial production fell 1 per cent following august 0 7 per cent decline toronto rose early trading led higher rally technology stocks p 300 composite index 0 4 per cent 6 982 80 midsession top weighted nortel networks gained 11 cents c 9 31 sierra wireless c 1 55 c 21 15 research motion added 36 cents c 27 30 banks hit negative broker comment imperial bank commerce lost 38 cents c 50 50 bank nova scotia 32 cents c 44 70 c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved oct 16 2001 11 32 pm enron posts loss write downs core businesses considered solid houston chronicle laura goldberg copyright 2001 houston chronicle enron corp posted third quarter loss taking 1 01 billion charges aimed dealing problems said distracted investors focusing company core energy businesses write offs water broadband businesses retail electricity investment energy trader tuesday reported loss 618 million 84 cents diluted share compares net income 292 million 34 cents diluted share year ago underlying earnings enron well view wholesale retail energy solid said andre meade analyst commerzbank securities new york big news item significant write charges include 287 million reflect losses assets sold troubled water wastewater services unit azurix 180 million related downsizing enron broadbroad operations including severance cost losses inventory sales customer contracts 544 million investment losses dismantling financial vehicle used enron investment projects disliked wall street half amount related new power co retail electricity natural gas provider 45 percent owned enron enron created new power spun last year initial public offering new power shares debuted 21 tuesday closed 1 90 enron also retail energy business follows different model portions charge cover losses investments broadband technology ventures meade said charges call question directions enron moved outside core energy business added certainly confirmed lot businesses went highly touted destroyed value good company like enron innovative excluding charges enron third quarter net income increased 35 percent year year 393 million 43 cents diluted share analysts surveyed thomson financial first call expected average enron report profit one time charges 43 cents diluted share ken lay enron chairman chief executive said enron turned strong results core wholesale retail energy businesses well natural gas pipelines numbers show enron core energy business fundamentals excellent lay said conference call income wholesale services division interest taxes rose 28 percent year year enron also made good pledge give analysts investors detailed financial information earnings release broke performances core wholesale division segment example included lines details coal metals specific commodities enron promised financial data worked restore investor confidence lost ceo jeff skilling unexpectedly resigned august citing personal reasons definitely improvement happy meade said information enron provided would liked even detail shares enron closed 67 cents tuesday 33 84 wall street looking enron clean house quarter expected write offs 2 billion 3 billion said carol coale analyst prudential securities houston spruced house actually clean cobwebs said adding suspects write downs may follow enron note three areas still facing uncertainty ongoing disputes india power plant project broadband business money owed power sold california coale said concerned hits enron balance sheet could lower credit rating currently investment grade quality also said pending assets sales may reduce eliminate balance sheet problems said three separate deals sell international assets almost 900 million slated close year earlier month enron announced deal sell power utility portland general electric almost 1 9 billion includes 1 55 billion cash buyer also assume 1 1 billion debt asset sales works enron stressed committed keeping investment grade rating enron earnings released standard poor affirmed ratings enron fitch also said expects change credit ratings however moody investors service put enron long term debt obligations review potential downgrade moody say portland general sale go long way help restore enron balance sheet noted still requires regulatory approval likely take year complete mark market defiant spring steps jim murphy 10 17 2001 capital markets report copyright c 2001 dow jones company inc dow jones newswires column new york dow jones insouciance word looking late wall street seems insouciant intent keeping sunny side maintaining cheer face bad news tuesday earnings front plenty bad news stock markets opened open closed example two hours nyse opened enron corp reported largest quarterly loss ever shares closed gain 67 cents hand enron shares dropped 7 monday raises question never far minds follow wall street whoever know know interrogatory form pigs equal others bell tuesday ibm reported third quarter earnings fell 19 6 decline sales matter hours trading less two hours news ibm shares gained almost 4 00 major stock indexes closed higher tuesday one inclusive russell 2000 rising 1 03 corporate earnings releases wednesday even heavier tuesday many contain bad news however see evidence indicating otherwise bet wall street respond insouciance incidentally economists analysts financial media alike handle stock response bad news wit example enron shares shrugged abysmal earnings report tuesday post modest gain 67 cents enron shares toiletized tuesday company reported greatest quarterly loss ever fact cases know b followed know never know relationship event event b whatever relationship obvious obtained interviewing oneself big al plus two nominees committee everyone waiting uncle al markets pal testify capitol hill 10 edt 1400 gmt fed chairman greenspan tell joint economic committee congress deems appropriate public hear monetary policy u economy post sept 11 meantime professional fed watchers far fewer number amateur greenspan watchers paying close attention beginning 9 30 edt 1330 gmt session senate banking committee panel holding confirmation hearings first two president george w bush nominations federal reserve governor fed governors voting members rate setting fomc two people backgrounds commercial banking interest rate hawks doves somewhere say preemptive inflation fighters one two susan bies executive vice president first tennessee national corp mark olson chief executive bank fergus falls minn would guess hometown bank 1986 87 olson president american bankers association also get staff member senate banking committee golly committee holding confirmation hearings course way knowing whether familiarity bred contempt whether example olson became notorious among staffers making fresh pot coffee helped last cup old pot bies olson must confirmed full senate fifth third name bizarre explanation pedestrian early previous century fifth bank third bank merged become fifth third bank perhaps ceos time tin ears perhaps wanted name bank survive marriage thanks answer todd brian david david tuesday afternoon column wondered genesis whacky name like fifth third bancorp brian notes god help us merge second national bank fourth national bank operator second third fourth fifth bancorp hep yew jim murphy reached 201 938 2145 jim murphy dowjones com copyright 2000 dow jones company inc rights reserved lex column enron lex column 10 17 2001 financial times u k edition c 2001 financial times limited rights reserved enron enron entered new phase development rebuilding credibility concerns california india etc gone away efforts improve transparency financial reporting constitute real improvement momentum core wholesale energy trading marketing business undiminished recurring net income growth 35 per cent charges impressive short term distractions make easy focus long term growth story attention balance sheet welcome charges insubstantial charge asset impairments azurix hardly surprising given state business 180 restructuring broadband services comes top another 80 losses quarter cutting broadband sensible size proving expensive 544 losses associated certain investments half relating new power end story least broadband investments still valued 600 still asset sales reduce debt 50 per cent total capital end year comfortable 40 per cent end 2002 enron ventures outside energy trading roaring successes long term potential lies convincing investors earnings growth core business real sustainable multiple 16 times 2002 earnings still suggests market giving enron full credit prospect 20 per cent annual earnings growth next year beyond given noise unsurprising c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved financial internet tax ban extended 10 17 2001 washington post final eo 2 copyright 2001 washington post co rights reserved earnings bank one reported strongest quarterly results since pulling deep slump year posting 30 percent increase profits aggressive cost cutting continued pay net earnings third quarter 754 million 581 million year earlier cargill wayzata minn largest u agricultural company said fiscal first quarter profit rose 288 million 172 million year earlier period caterpillar largest maker earth moving equipment said third quarter earnings fell 5 1 percent 205 million duke energy nation largest utility company said third quarter net income rose 796 million 770 million year earlier revenue rose 6 6 percent 16 7 billion enron nation largest energy trader reported 638 million third quarter loss citing 1 01 billion one time charges third quarter 2000 enron earned 292 million write offs included 544 million investment losses 287 million asset impairment 180 million restructure high speed internet venture ibm said third quarter profit fell 19 percent orders corporate servers semiconductors declined net income dropped 1 60 billion 1 96 billion year earlier period company said statement sales lower expected falling 6 2 percent 20 4 billion 21 8 billion johnson johnson said third quarter profit rose 17 8 percent 1 5 billion maker health care products said worldwide sales climbed 10 8 percent 8 2 billion knight ridder profit plunged 27 percent third quarter sept 11 attacks led steep drop newspaper advertising higher costs associated increasing news coverage nation second largest newspaper publisher reported net income 55 7 million three month period ended sept 30 compared 76 1 million period year ago charles schwab posted earnings 81 million third quarter 51 percent drop year earlier four day market shutdown sept 11 decline trading sliced commissions discount broker wells fargo fifth largest u bank said third quarter profit rose 42 percent 1 16 billion 816 million period year ago compiled reports associated press bloomberg news dow jones news service washington post staff writers http www washingtonpost com copyright 2000 dow jones company inc rights reserved report business wall street journal news united states wall street journal 10 17 2001 globe mail metro bl 0 material copyright c bell globemedia publishing inc licensors rights reserved enron corp surprised investors yesterday 1 01 billion u tax charge mostly connected writedowns impaired assets soured investments producing 618 million third quarter loss worst quarter ever loss highlights risks onetime high flier taken transforming pipeline company behemoth trades everything electricity weather futures enron posted third quarter loss 84 cents share compared gain 34 cents share year earlier period copyright 2000 dow jones company inc rights reserved enron corp reiterated strong buy first albany 2001 10 17 07 32 new york princeton new jersey oct 17 bloomberg data enron corp ene us reiterated strong buy analyst robert l christensen jr first albany corp price target 80 00 per share brazil energy rules deter investment shortages choke economy 2001 10 17 08 10 new york brazil energy rules deter investment shortages choke economy sao paulo oct 17 bloomberg enron corp built 400 million reais 145 million electricity plant brazil expecting sell power factories face biggest energy shortage 50 years work government subsidies existing power supply contracts led companies cut output much 20 percent rather seek alternative supplies enron plant fired opening ceremony sept 24 lies idle need prices reflect cost generating energy said orlando gonzalez president enron america sul ltda brazilian unit largest energy trader obstacles faced enron utilities mean brazil power industry unlikely get estimated 3 6 billion annual investment needs meet growing energy demand country needs add 6 000 megawatts capacity every year avoid rationing forced companies alcoa inc aluminum maker cut energy use 20 percent since june brazil energy policy bad create incentives companies build plants said eduardo bernini president brazilian unit electricidade de portugal sa portugal biggest power company energy shortage result inadequate investment new power plants combined drought reduced hydroelectric output caused government ration supplies companies also two thirds brazil 170 million population combined higher interest rates currency lost almost third value dollar year cut 2001 economic growth 1 6 percent 4 5 percent forecast january according economists estimates el paso plant enron alone unable sell power houston based el paso corp largest u natural gas pipeline owner may idle 870 megawatt thermoelectric plant macae rio de janeiro state opens nov 7 el paso spent 500 million plant says buyers electricity investment already delayed enron raise 600 million loans build second gas fired plant near rio de janeiro gonzalez said aes corp u power producer business 27 countries failed obtain 1 5 billion financing three gas fired plants company plans build brazil said luiz david travesso president utility brazilian unit brazilian companies buy energy long term contracts former state owned generators distributors prices subsidized government average pay 40 percent less costs produce energy said electricidade de portugal bernini subsidies risk companies enter additional long term contracts acquire electricity lose subsidies existing contracts result cost energy purchases rise brazil spot electricity market created two years ago enable manufacturers cover additional energy needs without signing long term contracts provide alternative said enron gonzalez enron abandoned plans sell energy new plant spot market guarantees would paid said market clearing trading receive money said gonzalez run plant without cash companies sold electricity market paid tradener comercializacao de energia controlled cia paranaense de energia brazil second biggest integrated utility waiting since april receive 96 million reais energy sales said walfrido victorino avila chief executive electricity trading company unpaid bill centrais eletricas brasileiras sa country largest power generator paid electricity purchased spot market last year spokesman company needed electricity cover contracts construction angra 2 nuclear plant delayed said account settled consumers point view prices spot market prohibitively high said analysts prices established formula takes account water levels reservoirs hydroelectric plants represent 84 percent brazil generating capacity lower water levels mean higher prices electricity spot market drought reduced water levels lowest nearly 70 years caused market price soar three times companies pay long term contracts said marcos severine power utility analyst banco sudameris sa brokerage sao paulo brazil government appointed new management sort spot market problems also set committee led francisco gros president brazil national development bank draw rules encourage investment new generating capacity utilities optimistic solutions found believe government working toward solving energy problems brazil facing moment said enron gonzalez meantime generators may help relieve brazil energy crisis stand idle former montana governor named u envoy lumber dispute christopher thorne associated press writer 10 16 2001 associated press newswires copyright 2001 associated press rights reserved washington ap president bush named former montana gov marc racicot tuesday special envoy try broker settlement long running lumber dispute canada u trade representative robert zoellick commerce secretary donald evans cited racicot familiarity timber industry public forests reasons appointment dispute endured decades hope governor help achieve lasting market based solution evans said racicot said statement honored committed identifying fair lasting solution appointment comes critical time slow moving negotiations canada two weeks commerce department expected announce decision whether canadian companies dump softwood lumber u markets artificially low prices preliminary decision issued august department said low canadian fees give canada lumber industry unfair advantage suggested 19 percent tariff canadian lumber softwood lumber used framing houses u homebuilding industry said 19 percent tariff would hurt american consumers adding 1 000 cost building home u lumber industry says levy needed save jobs trade representatives met long private sessions washington ottawa last six weeks without agreement rodney moore spokesman canadian embassy welcomed racicot appointment indicates us high level importance bush administration places softwood lumber trade said racicot republican barred term limits seeking third term montana governor last year gained national attention spokesman bush recount florida considered attorney general took running also discussed potential opponent sen max baucus mont election 2002 said february would run office racicot pronounced rahs koh works partner washington office bracewell patterson texas law firm counts huge energy company enron among clients net u international trade commission http www usitc gov department commerce http www doc gov copyright 2000 dow jones 287 million asset impairments azurix corp division owns operates manages water wastewater systems 180 million restructure high speed internet venture thorough review businesses decided take charges clear away issues clouded performance earnings potential core energy businesses said kenneth l lay enron chairman chief executive officer august president chief executive jeffrey skilling unexpectly resigned citing family reasons duties taken lay enron stock tumbled 52 week low company proclamations remains solid footing met skepticism wall street lay said tuesday earnings ongoing energy gas pipeline businesses strong continued excellent prospects businesses enron leading market position make us confident strong earnings outlook said first nine months year enron earned 211 million 19 cents share 919 million 1 07 share year ago revenue nine months climbed 139 6 billion 60 4 billion year ago trading tuesday new york stock exchange enron shares rose 67 cents 33 84 net enron site http www enron com copyright 2000 dow jones company inc rights reserved enron long term debt ratings review possible downgrade moody 10 16 2001 afx news c 2001 afp extel news ltd new york afx moody investors service said placed long term debt obligations enron corp review downgrade following announcement company significant write downs charges reflecting substantially reduced valuations several businesses actions affect enron broadband operations merchant portfolio azurix water company holdings statement moody however confirmed company prime 2 rating commercial paper ratings agency previously commented challenges impacting number enron businesses magnitude announced charges reduce company equity base increase nominal financial leverage somewhat 50 0 pct materially impacting earnings review moody focus enron strategic direction particular earnings cash flow outlook core gas power wholesale businesses gc information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved business enron chmn ceo rhonda schaffler 10 16 2001 cnnfn market coverage morning c copyright federal document clearing house rights reserved rhonda schaffler cnnfn anchor market call enron url http www enron com third quarter results morning energy trader earning 43 cents share takes items line estimates 9 cents better year ago enron expects earn 45 cents per share q 4 slightly wall street forecast says earnings year next per share earnings track beat expectations shares enron fallen highs 80 bouncing low 24 trading around 30 joining us houston texas talk latest quarter next kenneth lay chairman ceo enron thanks joining us good back cnnfn kenneth lay chmn ceo enron nice cnnfn thank schaffler guess ask explanation first charges earnings report wall street still trying get handle explain us charges made impacting importantly fourth quarter lay well first charges related primarily zurich water business broadband business new power company investments assets businesses try clean quarter since seemed providing quite bit distraction real quality strong growth core businesses schaffler let talk core businesses going forward long talked broadband component business key important driving future growth lay well primarily wholesale business growing strong recent quarter physical volume deliveries wholesale business 65 percent earnings 35 percent strong growth retail business fact company providing nationwide energy services strong quarter also adding 12 000 new customers currently 40 000 facilities manage energy activity customers 4 billion square feet space course finally pipeline group always really strong get cash flow earnings schaffler held position long change enron occurred summer toughest challenge sit try figure way company heading next lay well rhonda know held position 15 years jeff skilling became ceo february year basically kind reassuming position jeff decided leave personal family reasons really chair long think main thing continue grow solid core businesses third quarter year provided 35 percent increase net income 400 million 26 percent increase earnings per share right mean reconfirmed earnings 19 2001 1 80 street expects 2 15 next year one year 20 percent growth earnings per share last three four years schaffler decent growth especially time economy experts tell us recession worries part lay really like see stronger economy certainly believe fiscal stimulus package discussed program part token find could continue perform strong rates even somewhat slower economy experience right schaffler quickly almost time prediction energy markets going forward tough business talk commodities lay well think probably continue volatile like certainly winter weather determine large part happens natural gas prices next couple months beyond course got soft economy worldwide really impacting oil markets expect remain little sluggish unless major supply interruption schaffler kenneth lay chairman ceo enron great back good see lay thank rhonda schaffler congrats quarter copyright 2000 dow jones company inc rights reserved business enron ceo interview neil cavuto 10 16 2001 fox news world c copyright federal document clearing house rights reserved neil cavuto host tell think wrong picture bombs dropping oil prices dropping oil prices dropping part strange thing true enough case thinking things stay way chairman energy giant enron url http www enron com warning necessarily count caught kenneth lay earlier today got take go begin videotape kenneth lay chairman ceo enron well think primarily happening course economy mean economy worldwide worldwide economy weak seeing demand quite bit course u seeing lot less travel probably u elsewhere lot less travel think unless interruption major curtailment opec producers oil prices could stay kind soft cavuto see curtailment happening even example something orchestrated like production cut lay think could happen think would take something like turn around demand situation cavuto find though surprising get earnings happening bombs falling normally opposite occurs lay yeah bombs thus far calling oil would change enormously bombs started falling somewhere close major production cavuto right let talk little bit know beat street estimates numbers managed rebound stock jeff skilling left lot concerns whether ever revisit heady days 84 85 dollars share say lay well think take little bit time mean think token may see 80 90 dollar prices think valuation techniques certainly still worth lot 33 34 dollars kind strong earnings growth demonstrating core businesses cavuto bug ken one makes big deal stock dumper everyone coming demanding energy roll backs sort thing sky high lay true course guess speaking primarily california situation cavuto right lay certainly shareholders enron would lot better california situation never occurred best try help solve problem least back early days problem seem much interest trying solve wanted find somebody blame cavuto know lot power trading activity country cut right september 11 th attacks remember case enron long update us lay well matter fact close early september 11 th people back working next morning 7 clock think first day stayed business least kept enron online business half day day back full business really little interruption september 11 th cavuto know close bush administration president bush president course trying sell american people notion could multi year effort corporate community board lay oh think think right virtually americans board think main reason understand alternative mean continue live fear terrorist attacks cavuto worry major oil player boomerang least middle east guys look hip pocket administration bash guys penalize guys make life difficult guys lay may certainly see adverse impact businesses know neil much much larger natural gas electricity europe north america oil middle east cavuto stress 6 percent increase natural gas bonds 77 percent surge power lines different story said though recession word constantly banded something stays us say lay think come next year say going second quarter quarter maybe even fourth quarter although probably pick one earlier quarters versus later quarters shown recent quarter economy soft gas electricity prices pretty low fact still make good money even slow economy cavuto right jeff skilling left six months job president ceo unintelligible successor brought back joking came bring back yoda concern much depth ken mean besmirch lieutenants concern slim pickings assure wall street case lay well really quite contrary say neil strongest management team ever enron pretty strong teams know going back 15 years never bench strength depth right end videotape cavuto right kenneth lay enron copyright 2000 dow jones company inc rights reserved business enron corp chmn ceo interview bob pisanti 10 16 2001 cnbc dow jones business video c copyright federal document clearing house rights reserved bob pisanti cnbc anchor market watch lets take look shares energy trader enron trading lower last checked let see yes 0 18 could see higher early going sold 32 91 profits third quarter came bell 0 43 share line estimates morning 18 analysts covering thirteen say strong buy three moderate buy two hold nobody selling joining us company headquarters houston kenneth lay chairman ceo enron good morning sir kenneth lay chairman ceo enron corp good morning bob pisanti tell feel numbers sold little bit today also something want get regarding moody feel lay land lay well first strong third quarter overall net income 35 percent little bit less 400 million tax earnings per share 26 percent course right street expectations strong growth volumes 65 percent retail business showed strong quarter income interest taxes three half fold good strong quarter take write offs kind clean balance sheet items sure evaluated overall pleased particularly given current economy kpisanti tell folks familiar trade energy explain works lay well basically buy sell energy even bob buy sell natural gas electricity primarily also arrange physical delivery product matter making markets commodity also delivering commodity wholesale retail customer course also provide risk management services provide long term contracts lot structured financings provide customers really kind whole portfolio services energy services financial services provide customers pisanti stock higher past 12 months trading closer lows reflection far gone california market lay well think california market noise publicity came certainly help us probably also broadband fairly significant broad fairly significant broadband activity lot value stock attributed think everybody else knows happened broadband business year certainly negative comments california help us problem beginning work indeed think work next months pisanti moody morning placing long term debt obligations review downgrade concerned number things without going great deal detail think basically concerned number one exposure california energy market well areas maybe energy focused getting areas maybe expertise response lay well think first far california think adequately reserved california said regulatory decisions california well washington beginning kind solve problem think problem resolved fairly soon let say moody fact put us review also standard poor fitch maintained credit ratings right said stable outlook disagreement among rating agencies think even moody pointed closing portland general transaction balance sheet back even stronger shape write offs pisanti next year look sir lay next year looks good reconfirm earnings release morning expect hit fourth quarter numbers projecting 1 80 year 2 15 next year another 20 percent growth earnings per share next year pisanti well good luck sir lay thank much pisanti thanks us ken lay chairman ceo enron copyright 2000 dow jones company inc rights reserved