enron mentions dynegy enron deal faces significant regulatory review dow jones energy service 11 08 01 us physical gas prices mostly demand dow jones energy service 11 08 01 usa newpower shares advance revised guidance reuters english news service 11 08 01 enron investors still perplexed stock shows dow jones news service 11 08 01 usa update 1 firstenergy sells 4 0 bln 3 part debt sale reuters english news service 11 08 01 usa wrapup 1 enron dynegy confirm possible merger talks reuters english news service 11 08 01 money enron transparency transparent enough dow jones news service 11 08 01 watch negative pr newswire 11 08 01 rpt dynergy sharply higher enron lower merger talks afx news 11 08 01 us spot coal prices weaken buying 2002 slows dow jones energy service 11 08 01 stockwatch dynergy sharply higher enron flat merger talks afx news 11 08 01 uk rivals eye enron metals trading business reuters english news service 11 08 01 wrap enron restate results confirms dynegy talks dow jones news service 11 08 01 usa enron fires two employees linked partnerships reuters english news service 11 08 01 enron restates net income periods 1997 q 3 2001 afx news 11 08 01 enron restates earnings company confirms talks dynegy associated press newswires 11 08 01 usa update 1 enron provides financing data restates earnings reuters english news service 11 08 01 enron big fail bailout seen unlikely dow jones energy service 11 08 01 enron bonds give back gains firm restates profit update 3 bloomberg 11 08 01 apache cut 2002 drilling budget 70 gas prices updatel bloomberg 11 08 01 enron fires treasurer alleges improper investment update 2 bloomberg 11 08 01 dynegy rises optimism may get enron bargain update 2 bloomberg 11 08 01 newpower 3 rd qtr loss narrows adding customers update 4 bloomberg 11 08 01 enron restates years profits talks dynegy update 4 bloomberg 11 08 01 dj faber report enron dynegy ene bloomberg 11 08 01 dynegy enron negotiating merger enron fires two officers financial results restated cbsmarketwatch com 11 08 01 dynegy enron deal faces significant regulatory review bryan lee 11 08 2001 dow jones energy service copyright c 2001 dow jones company inc dow jones newswires washington dow jones merger deal may emerge dynegy inc dyn enron corp ene face complicated time consuming regulatory review process legal experts said thursday equity deal would require approvals numerous u federal regulatory agencies state utility regulators well survive canadian european antitrust reviews energy attorneys contacted dow jones newswires said merger would require approvals federal energy regulatory commission securities exchange commission department justice federal trade commission illinois commerce commission likely would weigh mix since dynegy owns illinova illinois power co effort strike deal quickly also could complicated enron ownership portland general electric co enron entered agreement sell utility northwest natural gas co nwn previous attempt sell company fell regulatory complications key issue federal regulators scrutinizing potential enron dynegy merger degree electricity market concentration transaction would entail attorneys said financially wounded enron nation largest electricity natural gas trader extensive network gas pipelines dynegy ranked sixth nationally electricity natural gas marketing transaction would receive greatest scrutiny ferc merger application would challenge commission merger review policy attorneys said copyright 2000 dow jones demand 11 08 2001 dow jones energy service copyright c 2001 dow jones john edmiston dowjones com copyright 2000 dow jones company inc rights reserved usa newpower shares advance revised guidance 11 08 2001 reuters english news service c reuters limited 2001 new york nov 8 reuters national power gas marketer newpower holdings inc revised 2001 loss guidance downward thursday saw stock post best one day gain two months projection came newpower report third quarter net loss 67 1 million 1 15 per share compared net loss 69 9 million 2 96 per share third quarter 2000 analysts expected per share loss 1 15 1 18 according research firm thomson financial first call put consensus 1 16 purchase new york based newpower parent new power co says first national provider electricity natural gas residential small commercial customers united states said total customers increased 155 percent 805 000 compared third quarter 2000 revenues 54 7 million latest quarter increase 201 percent third quarter 2000 third quarter newpower said gained 80 000 new customers company marketing efforts primarily residential sector newpower recently increased emphasis small business customers end september 25 000 small business accounts newpower expects increase 35 000 end year providing revised guidance rest year company said expects net loss 41 million 46 million loss per share 65 cents 73 cents fourth quarter full year net loss estimated 210 million 215 million 3 55 3 63 per share analysts estimates year per share loss range 3 68 3 74 resulting consensus per share loss projection 3 71 newpower said projects year end customer count 840 000 860 000 fourth quarter increase expected achieved entirely marketing said revised forecast reflects reduction number customers company expects acquire portfolio acquisitions impact delays switching texas customers newpower partly offset company modified marketing strategies continued cost reductions newpower shares reached high 1 25 thursday afternoon trading still 48 15 percent 39 cents 1 20 final half hour trading company 44 percent owned enron corp newpower largest provider electricity natural gas copyright 2000 dow jones company inc rights reserved enron investors still perplexed stock shows christina cheddar dow jones newswires 11 08 2001 dow jones news service copyright c 2001 dow jones 201 938 5166 christina cheddar dowjones com copyright 2000 dow jones company inc rights reserved usa update 1 firstenergy sells 4 0 bln 3 part debt sale dena aubin 11 08 2001 reuters english news service c reuters limited 2001 new york nov 8 reuters utility holding company firstenergy corp sold 4 billion five 10 30 year debt thursday helped investors preference defensive sectors u economy stalls firstenergy able lower borrowing costs trimming yields initial indications sale originally expected offer generous yields heavy bond issuance weak wholesale power prices investor jitters troubles energy trading firm enron corp weighed utility sector akron ohio based firstenergy use proceeds corporate purposes help pay recent purchase morristown new jersey based gpu inc firstenergy purchased gpu 4 5 billion cash stock plus assumption 7 2 billion debt sale closed tuesday utility bonds typically viewed conservative investments industry stable income uncertain economic times sector cloud though houston based enron struggled cash squeeze writedowns balance sheet transactions enron held model growing extremely quickly recent financial disclosures shock said kelly perl project director new york utility consulting firm applied economic research spreads yield gaps utility bonds u treasuries widened 0 15 0 20 percentage point past two weeks spreads gas pipeline companies widened 0 30 percentage points strategists said sale terms firstenergy sold 1 billion 5 5 percent five year notes 99 888 cents dollar yielding 5 526 percent 1 98 percentage points similar maturity u treasuries also sold 1 5 billion 6 45 percent 10 year notes 99 651 cents dollar yielding 6 498 percent 2 25 percentage points treasuries 1 5 billion 7 375 percent 30 year bonds yielding 7 389 percent 2 45 percentage points old long treasury bond initial price guidance called spreads high 2 20 2 35 2 60 percentage points treasuries five 10 30 year debt firstenergy sale helped 0 50 percentage point interest rate cut u federal reserve tuesday signs fed could cut rates perception fed going aggressively ease err side caution said peter palfrey portfolio manager loomis sayles co boston investors betting fed engineer economic recovery helping corporate profits spurring price gains corporate bonds palfrey said analysts said firstenergy acquisition gpu benefit credit quality adds diversity cash flow regulated distribution companies said fitch analyst robert hornick falling wholesale power prices also benefit firstenergy hornick said big seller wholesale energy point hornick said generation facilities need buy electricity market extent wholesale prices lower benefit said standard poor rates firstenergy senior unsecured notes bbb minus lowest investment grade moody investors service rates firstenergy long term debt baa 2 roughly one notch higher fitch rates bbb salomon smith barney barclays capital morgan stanley arranged sale copyright 2000 dow jones company inc rights reserved usa wrapup 1 enron dynegy confirm possible merger talks jeff franks 11 08 2001 reuters english news service c reuters limited 2001 houston nov 8 reuters enron corp plagued investor doubts gun shore crumbling finances said thursday talking power trading rival dynegy inc possible merger company whose stock credit ratings plummeted amid uproar questionable business transactions admitted made bookkeeping errors restated earnings last four years also said former chief financial officer andrew fastow abruptly left company last month made 30 million managing partnerships linked deals deals balance sheet investigation u securities exchange commission possible conflict interest two executives managing director treasurer ben glisan enron division general counsel kristina mordaunt believed links fastow led partnerships fired company disclosed announcements threw spotlight enron stark situation nation top energy trader gone wall street darling pariah weeks faces cash crunch dire seeking merger much smaller dynegy credit ratings fallen near junk levels recent weeks making difficult get money boost investor confidence back trading operations provide 90 percent enron income company reportedly seeking investors provide cash infusion equity stake moderate premium word possible dynegy enron deal leaked wednesday thursday two companies confirmed talks possible business combination underway said agreement reached sources told reuters two texas rivals whose headquarters blocks apart downtown houston talking stock swap moderate premium shareholders 1 5 billion capital infusion chevrontexaco corp owns 26 5 percent dynegy stock swap valued 8 billion 10 share new york times reported thursday merger would catapult dynegy top energy trading industry dominated enron last year company 29 billion revenues compared 100 billion enron enron would cap astonishingly rapid fall grace enron stock lost 19 billion market value since crisis began mid october another 45 cents 8 60 thursday trading dynegy shares rose 3 87 36 87 enron restated earnings going back 1997 saying auditors advised balance sheet deals question included company financial statements restated results reduced enron net income 591 million 22 percent 1997 2000 increased debt 628 million 6 percent two partnership financial statements consolidated enron earnings enron said restatement reflects 1 2 billion reduction shareholders equity touched current controversy company offhandedly disclosed last month angry shareholders suddenly worried enron hiding liabilities complex financial statements began demanding information statement enron chief executive ken lay said company hoped allayed wall street fears thursday announcements believe information made available addresses number concerns raised shareholders sec matters said analysts wary last month surprise revelations said enron may release pleased finally coming forth information attempt come clean said raymond moore analyst weatherly securities copyright 2000 dow jones company inc rights reserved money enron transparency transparent enough michael rapoport 11 08 2001 dow jones news service copyright c 2001 dow jones 201 938 5976 michael rapoport dowjones com copyright 2000 dow jones company inc rights reserved watch negative 11 08 2001 pr newswire copyright c 2001 pr newswire new york nov 8 prnewswire standard poor today lowered rating yosemite securities trust triple b triple b plus placed creditwatch negative implications see list lowered rating creditwatch placement reflects nov 1 2001 rating action taken enron corp based standard poor belief enron corp plan employ asset sales means repair damaged balance sheet insufficient restore long term credit quality historical triple b plus level also creditwatch placement reflects uncertainties surrounding company credit quality short run due possibility unanticipated developments capital markets yosemite securities trust synthetic issue utilizes credit default swap referencing enron corp rating credit linked notes reflects current senior unsecured rating enron corp yosemite securities trust 750 million credit linked notes rating bbb watch neg bbb contact mary ryan 1 212 438 2090 frank j trick 1 212 438 1108 standard poor 13 26 est copyright 2000 dow jones company inc rights reserved rpt dynergy sharply higher enron lower merger talks 11 08 2001 afx news c 2001 afp extel news ltd repeating show headline lead enron trading lower new york afx shares dynergy inc sharply higher enron corp lost ground midsession trading two companies confirmed holding merger talks 12 25 pm dynergy 3 17 usd 9 6 pct 36 17 enron fell 0 34 usd 3 7 pct 8 71 usd chevrontexaco dropped 0 18 usd 87 10 djia 110 22 points 9 664 59 p 500 index gained 12 88 points 1 128 68 nasdaq composite rose 34 35 points 1 871 88 enron share price today hurt company announced restatement net income 1997 third quarter 2001 revisions part reductions bottom line figure 8 bln usd tie talks come time enron investigated us securities exchange commission markets losing faith energy trader seen particularly positive dynergy analysts see tie highly accretive dynergy 26 pct owned chevrontexaco many synergies also possible banc america analyst william maze rates dynergy strong buy said transaction comes fruition would aggressive buyers dynergy given accretive nature well lifting enron credibility issues plaguing entire industry cibc world markets analyst william hyler rates enron buy added move would also catapult dynergy leadership role could prove near bottom gas power pricing cycle hand enron position would improve credibility within trading world face trading counterparties would recover somewhat end dynergy would provide yet unspecified cash injection believed approximately 1 5 2 0 bln usd improve enron standing shore finances chevrontexaco expected provide substantial part financing needed merger also stands gain situation would retain effective control combined company rdc lj information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved us spot coal prices weaken buying 2002 slows 11 08 2001 dow jones energy service copyright c 2001 dow jones averages volume weighted 4 q 01 lq 02 cal 2002 central appalachia low sulfur f b barge 31 75 32 00 32 00 32 25 32 00 33 00 average change 31 90 1 85 32 12 1 63 32 50 1 00 f b rail 36 00 38 00 n 36 00 38 00 average change 37 00 1 25 n 37 00 0 75 powder river basin 8400 b u 5 75 6 00 6 45 6 60 6 35 6 45 average change 5 85 0 15 6 50 0 00 6 40 0 10 8800 b u 7 25 7 75 8 10 8 40 8 10 8 20 average change 7 50 0 10 8 25 0 00 8 15 0 15 note u spot coal prices prices dollars per short ton based actual deals done month delivery period indicated averages straight mathematical averages volume weighted change average deals done previous month central appalachian low sulfur category uses benchmark 12 000 british thermal units per pound barge delivery big sandy river rail delivery norfolk southern central appalachian coal prices accepted coal within 500 btu benchmark btu standardized adjustments made powder river basin categories quoted fob mine jennifer morrow dow jones newswires 201 938 4377 jennifer morrow dowjones com copyright 2000 dow jones company inc rights reserved stockwatch dynergy sharply higher enron flat merger talks 11 08 2001 afx news c 2001 afp extel news ltd new york afx shares dynergy inc sharply higher enron corp continued lose ground midsession trading two companies confirmed holding merger talks 12 25 pm dynergy 3 17 usd 9 6 pct 36 17 enron fell 0 34 usd 3 7 pct 8 71 usd chevrontexaco dropped 0 18 usd 87 10 djia 110 22 points 9 664 59 p 500 index gained 12 88 points 1 128 68 nasdaq composite rose 34 35 points 1 871 88 enron share price today hurt company announced restatement net income 1997 third quarter 2001 revisions part reductions bottom line figure 8 bln usd tie talks come time enron investigated us securities exchange commission markets losing faith energy trader seen particularly positive dynergy analysts see tie highly accretive dynergy 26 pct owned chevrontexaco many synergies also possible banc america analyst william maze rates dynergy strong buy said transaction comes fruition would aggressive buyers dynergy given accretive nature well lifting enron credibility issues plaguing entire industry cibc world markets analyst william hyler rates enron buy added move would also catapult dynergy leadership role could prove near bottom gas power pricing cycle hand enron position would improve credibility within trading world face trading counterparties would recover somewhat end dynergy would provide yet unspecified cash injection believed approximately 1 5 2 0 bln usd improve enron standing shore finances chevrontexaco expected provide substantial part financing needed merger also stands gain situation would retain effective control combined company rdc lj information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved uk rivals eye enron metals trading business andy blamey 11 08 2001 reuters english news service c reuters limited 2001 london nov 9 reuters u energy trading giant enron corp whose shares tumbled amid regulatory probe doubts ability raise cash may lose offload metals business senior industry sources said thursday wings several interested parties looking snap company metals customer base people experience contacts see time good opportunity get market senior metals market source told reuters thursday move enron metals portfolio would involve acquisition existing organisation vehicle source added comment rumours enron spokeswoman said declining comment enron metals assets also said play including henry bath warehousing company operates lme registered warehouses uk netherlands singapore united states major player houston based enron became major player metals trade may last year acquired mg plc leading independent international metals dealing firm london deal worth around 300 million pounds company ring dealing member london metal exchange lme able participate open outcry floor trade active screen based metals trade via enrononline platform www enrononline com company longer stake online metals trading platform emetra www emetra com sold holding emetra shareholders summer enron may heavy hitter metals sector base metals trading could hardly regarded one core businesses company third quarter 2001 results statement shows income interest minority interests taxes ibit europe commodity markets includes metals steel alongside european gas power among others 53 million unchanged year earlier period compares ibit enron gas power market making operations merchant energy activities north south america 710 million period third quarter figure slashed value company shares 1 2 billion write shareholder equity related balance sheet transactions thursday company said would restate earnings 1997 2001 reflect transactions move wipes 613 million company reported net income 1997 first half year company stock dropped almost 78 percent since enron released earnings results october 16 falling nine year lows amid concerns company ability raise cash story added extra twist wednesday news broke u based energy trading marketing firm dynegy inc talks buy enron background speculation rife future metals operation fuelled company decision last month trim 10 20 percent metals workforce part wider staff reduction enron europe unlikely remain intact decision enron possible future purchaser offload metals operations would unlikely see enron metals remain intact traders said paid 450 million mg would get 450 million enron metals think said one buy whole concern cherry pick best traders clients follow added another increasing emphasis screen trading expense personal contacts may already persuaded enron clients jump ship picked fair amount small mid sized trade type business europe people said going told trade screen said one trader another trader said lot business revolves around trading talking period time individuals said enron online seen added value product way trading customers still want talk broker willing pay commission service senior source said enron financial position could also prompt customers consider options first trader said customer want place business financial stability company financially stable move elsewhere enron trade counterparties also keeping close eye company financial situation said trader one lme brokerage people particularly concerned short term trading enron comes otc business done outside clearing market backing bit said additional reporting martin hayes copyright 2000 dow jones confirms dynegy talks 11 08 2001 dow jones news service copyright c 2001 dow jones company inc houston dow jones enron corp ene said restate financial results 1997 second quarter 2001 embattled energy company dynegy inc confirmed talks possible business combination filing thursday securities exchange commission enron said financial audit reports unreliable periods enron said three unconsolidated entities included consolidated financial statements based generally accepted accounting principles entities chewco investments lp joint energy development investments lp wholly owned unit ljm cayman lp enron said established special committee review transactions committee specifically review economic results related transactions enron ljm last month enron took 1 01 billion charge third quarter related write downs investments 35 million attributed partnerships run recently chief financial officer andrew fastow since replaced enron also disclosed shrank shareholder equity 1 2 billion result several transactions including ones undertaken fastow investment vehicle later enron said sec would investigate company related party transactions including fastow partnerships restatement reflect 1 2 billion reduction shareholders equity well various income statement balance sheet adjustments determined enron auditors believe information made available addresses number concerns raised shareholders sec matters said chairman chief executive kenneth lay past couple days enron scrambling line quick financing prominent outside investor discussions private equity firms power trading companies earlier wall street journal reported dynegy trying buy enron 7 billion 8 billion stock houston based energy trading power companies combination two would likely scrutinized many months enron needs shore finances dynegy reportedly expected inject 1 5 billion enron immediately people familiar matter said chevrontexaco corp cvx owns 26 stake dynegy expected provide dynegy funds cash infusion playing significant role negotiations journal said boards dynegy chevron enron reportedly met wednesday discuss potential deal enron stock plunged since oct 16 company posted 618 million third quarter loss revealed shareholder equity reduced talks enron dynegy follow sharp decline enron stock past several weeks copyright 2000 dow jones company inc rights reserved usa enron fires two employees linked partnerships 11 08 2001 reuters english news service c reuters limited 2001 new york nov 8 reuters enron corp embattled energy trader said thursday fired treasurer counsel company said part owners one balance sheet partnerships investigation u regulators enron said terminating employment ben glisan managing director treasurer enron corp kristina mordaunt managing director counsel enron division enron said believes two employees along four former enron employees involved partners limited partnership called ljml dealings enron shares enron trading 5 cents 55 percent 9 new york stock exchange copyright 2000 dow jones company inc rights reserved enron restates net income periods 1997 q 3 2001 11 08 2001 afx news c 2001 afp extel news ltd houston afx enron corp announced restating net results 1997 2000 first three quarters 2001 take account various related party balance sheet transactions company involved restatement effect enron current financial position said restated figures enron posted reductions net income 96 mln usd 1997 113 mln usd 1998 250 mln 1999 132 mln 2000 well increases 17 mln usd first quarter 2001 5 mln second reduced third quarter figure 17 mln usd restatement negative impact company reported earnings nine month period ending sept 2001 however said company said changes net income result retroactive consolidation joint energy development investments lp chewco investments lp beginning november 1997 consolidation ljml subsidiary 1999 2000 prior year proposed audit adjustments jedi chewco consolidations increase enron debt 711 mln usd 1997 561 mln 1998 685 mln 1999 628 mln 2000 company said kgd jkm information contact afx www afxnews com www afxpress com copyright 2000 dow jones company inc rights reserved enron restates earnings company confirms talks dynegy brad foss ap business writer 11 08 2001 associated press newswires copyright 2001 associated press rights reserved new york ap beleaguered energy trading giant enron corp announced thursday would restate earnings since 1997 part reflect controversial dlrs 1 2 billion reduction shareholder equity sparked securities exchange commission investigation enron whose stock price fallen roughly 80 percent past three weeks also said holding talks dynegy inc relating form business transaction new york times reported dynegy considering buying enron larger hometown rival dlrs 8 billion filing sec enron said financial statements 1997 first half 2001 relied upon partnerships run enron officials period consolidated financial results houston based energy trading giant partnerships chewco investments l p joint energy development investments l p wholly owned unit ljm cayman l p believe information made available addresses number concerns raised shareholders sec matters said kenneth lay enron chairman chief executive assessment enron restatement reduces previously reported net income roughly dlrs 586 million increases debt dlrs 2 59 billion change reflects financial impact retroactively consolidating partnerships company also fired two executives thursday ben glisan treasurer kristina mordaunt general counsel one divisions previously enron ousted chief financial officer andrew fastow charge partnerships shares enron 10 cents dlrs 8 95 heavy trading new york stock exchange enron said believes restatement include reduction net income dlrs 96 million 1997 dlrs 113 million 1998 dlrs 250 million 1999 dlrs 132 million 2000 increases dlrs 17 million first quarter 2001 dlrs 5 million second quarter reduction dlrs 17 million third quarter 2001 enron top buyer seller natural gas top wholesale marketer united states become one nation 10 largest companies recording revenue dlrs 100 8 billion 2000 company beset huge investment losses questions financial stability particular stock plunged since oct 16 company posted dlrs 618 million third quarter loss revealed shareholder equity reduced enron woes prompted considerable speculation possible takeover company besides dynegy companies mentioned possible suitors included general electric ge capital unit royal dutch shell group thursday dynegy enron released statements confirming talks declined provide details new york times reported earlier dynegy considering paying dlrs 8 billion stock roughly dlrs 10 per share terms deal enron would receive immediate dlrs 1 5 billion cash infusion oil giant chevron texaco holds 27 percent stake dynegy times said citing executives close discusssion chevron texaco would provide additional dlrs 1 billion injection later date times reported dynegy would assume dlrs 12 8 billion enron debt plus billions dollars debt kept beleaguered company balance sheet significant contributor current problems copyright 2000 dow jones company inc rights reserved usa update 1 enron provides financing data restates earnings 11 08 2001 reuters english news service c reuters limited 2001 houston nov 8 reuters enron corp said thursday provided u regulators information balance sheet deals transactions led shattering company credibility investigation u securities exchange commission enron high flying houston based energy trading company also confirmed talks hometown rival dynegy inc possible business combination terms deal agreed two companies said enron said restate earnings 1997 2000 first two quarters 2001 company addresses concerns raised sec shareholders shares enron dropped 20 cents 2 2 percent 8 85 thursday morning trading new york stock exchange enron largest trader electricity natural gas north america said required restatement reflects surprising controversial 1 2 billion reduction shareholders equity company recently disclosed restatement also reflects adjustments company income statement balance sheet enron decided financial activities chewco investments l p joint energy development investments limited partnership jedi wholly owned subsidiary ljml indeed included company consolidated financial statements result restatement enron reducing 1997 net income 96 million 1998 net income 113 million 1999 net income 250 million 2000 net income 132 million also restating first quarter 2001 results 17 million net income increase second quarter 2001 results 5 million increase third quarter 2001 results 17 million net income decrease consolidating chewco jedi also increases enron debt 711 million 1997 561 million 1998 685 million 1999 628 million 2000 believe information made available addresses number concerns raised shareholders sec matters said chairman chief executive ken lay statement copyright 2000 dow jones company inc rights reserved enron big fail bailout seen unlikely jason leopold 11 08 2001 dow jones energy service copyright c 2001 dow jones company inc dow jones newswires story initially ran late wednesday los angeles dow jones maybe enron corp ene big fail maybe embattled energy trading company important enough qualify federal bailout likely according number analysts believe enough big energy companies u keep markets liquid enron goes reason federal bailout probably cards even though enron controls 25 u natural gas electricity markets added bailout would occur needed maintain liquidity energy markets order avoid potential skyrocketing prices avoid reliability risks said merrill lynch 323 658 3874 jason leopold dowjones com copyright 2000 dow jones company inc rights reserved enron bonds give back gains firm restates profit update 3 2001 11 08 16 40 new york enron bonds give back gains firm restates profit update 3 updates bond stock prices new york nov 8 bloomberg enron corp bonds pared earlier gains biggest energy trader said restated earnings four years increasing concern dynegy inc buy company enron 7 88 percent coupon notes due 2003 traded 77 cents dollar yield 27 percent bid 82 cents morning traders said debt trading near 100 last month bid 77 cents yesterday enron shares 75 percent last month fell 64 cents 8 41 today dynegy said today talks acquire enron people familiar situation said would likely stock transaction worth 8 billion acquisition would bolster enron credit rating recently lowered traders said enron bonds justifiably rallied good news dynegy naturally settled back market assesses significance restatement said glenn reynolds analyst creditsights inc whole problem goes away sighs relief around come terms dynegy enron 6 4 percent notes due 2006 bid around 70 cents morning debt traded 84 cents yesterday notes priced 72 cents 74 cents difference bid ask prices enron debt widened 4 cents 5 cents monster spreads reynolds said 2 cents morning indicating investors willing buy sell bonds without news moody investors service rates enron credit baa 2 one rung higher baa 3 grade dynegy ratings companies including standard poor fitch inc assigned dynegy higher rating also enron ratings cut recent weeks face reduction dynegy credit outlook stable enron bonds shares tumbled recent weeks concern partnerships run company former chief financial officer concerns company trading business hurt credit downgrades enron dynegy based houston enron 15 8 billion bonds outstanding double 6 8 billion market value stock according bloomberg data apache cut 2002 drilling budget 70 gas prices updatel 2001 11 08 16 34 new york apache cut 2002 drilling budget 70 gas prices updatel updates closing share price fifth paragraph closing nymex gas price last paragraph houston nov 8 bloomberg apache corp oil natural gas producer plans cut spending drilling next year 70 percent blaming wide swings gas prices caused traders enron corp dynegy inc company trim spending 300 million 1 billion year chief executive officer raymond plank said interview gas new york mercantile exchange reached 10 10 per million british thermal units late december touched 1 76 per million british thermal units september market gas derivatives 15 times cash market delivery customers broad price changes make difficult oil gas companies set budgets plank said got 150 pound tail wagging 10 pound dog plank said predict cash flow may therefore budgeting difficult shares apache unchanged 50 73 fallen 28 percent year apache dynegy enron biggest energy trader based houston always go back take another look spending later apache spokesman tony lentini said look budget regularly known moving pretty quickly enron whose plunging stock price forced begin merger talks rival dynegy today restated earnings four years losses partnerships investigation securities exchange commission fearing enron collapse might cripple gas derivatives market apache said yesterday traded gas hedges making 70 million far apache trying conserve cash retain maximum amount flexibility said irene haas analyst sanders morris harris inc apache traditionally nimble responding cycles something said cautious conservative visibility bad haas rates apache accumulate shares nymex gas averaged 2 7 per million british thermal units far quarter almost half time year earlier rose 9 cents 2 96 per million british thermal units today enron fires treasurer alleges improper investment update 2 2001 11 08 16 31 new york enron fires treasurer alleges improper investment update 2 updates closing share prices ninth paragraph information board approval starting 17 th paragraph houston nov 8 bloomberg enron corp today reduced earnings last four years 552 million accounting errors involving affiliates also said fired treasurer corporate attorney making improper investments one affiliates enron fired treasurer ben glisan kristina mordaunt general counsel unspecified enron division two invested affiliate created enron buy sell company assets houston based company said filings securities exchange commission transactions also involved two former enron employees former enron chief financial officer andrew fastow replaced two weeks ago filing said former employees kathy lynn vice president unnamed enron division anne yaeger identified enron non officer employee lea fastow andrew fastow wife referred questions husband attorney immediately reached comment glisan comment attempts reach mordaunt successful 30 million profit fastow made 30 million managing investing two private limited partnerships called ljm cayman lp known ljml ljm 2 co investment lp enron said oct 24 fastow replaced cfo put leave filing said longer company enron said believes lynn yaeger remain associated ljm 2 sec began formal investigation enron partnerships last month causing stock price plummet already low levels shares enron fallen 89 percent year close trading yesterday enron short cash began merger talks dynegy inc yesterday failed reach agreement dynegy sell 8 billion stock chevrontexaco corp owns 27 percent dynegy also involved talks dynegy concerned credit rating companies may downgrade enron debt people familiar situation said enron shares fell 64 cents 7 1 percent 8 41 shares dynegy also based houston rose 3 50 11 percent 36 50 chevrontexaco rose 31 cents 87 59 restatement enron restated earnings past four years first three quarters 2001 incorporate first ljm partnership well chewco investments lp joint energy development investments lp known jedi enron calls special purpose entities spes vehicles getting access capital hedging risk moved books circumstances enron established 30 spes company reported enron enron related entities participated 24 business relationships ljml ljm 2 participated included sale asset unused fiber optic cable purchase debt equity interests enron affiliates sale ljm 2 call put option assets addition chewco jedi wholly owned subsidiary lmjl engaged derivative transactions enron permit enron hedge market risks equity investment rhythms netconnections inc provides high speed networking businesses enron said sec filing hedging transactions consolidated 1999 2000 results ljml subsidiary inadequately capitalized enron specify transactions chewco jedi included balance sheet enron said believes michael j kopper former company employee managed chewco general partner invested company said also believes kopper controlling partner limited partnership another limited partnership march 2000 purchased interests affiliated subsidiaries ljml company said believes limited partners deal also included glisan mordaunt lynn yaeger entity associated fastow also limited partner enron said enron said board approved fastow initial transaction ljml put controls place required review approval transaction office chairman chief accounting officer chief risk officer lay skilling many years members office chairman skilling resignation august enron promoted greg whalley president chief operating officer mark frevert vice chairman became members office chairman lay chairman also authority require fastow resign partnerships time board also directed audit compliance committee conduct annual reviews transactions enron ljml ljm 2 completed previous year filing said dynegy rises optimism may get enron bargain update 2 2001 11 08 16 28 new york dynegy rises optimism may get enron bargain update 2 updates closing share prices houston nov 8 bloomberg dynegy inc shares rose 11 percent speculation company may able buy enron corp biggest energy trader bargain price dynegy said today talks buy enron dynegy rival houston based energy trader considering acquisition enron stock valued almost 8 billion people familiar situation said 850 million shares outstanding enron market value 7 7 billion enron forced consider sale stock plunged year credit ratings cut amid securities exchange commission investigation partnerships run former executive enron shares yesterday touched 7 share lowest level decade year ago stock traded 80 share dynegy get enron 10 11 share heck good deal said sanders morris harris analyst john olson owns enron shares shares dynegy rose 3 50 share 36 50 enron fell 64 cents 7 1 percent 8 41 enron failed yesterday reach agreement dynegy concerned credit rating agencies may reduce enron debt junk status people familiar situation said enron today restated earnings four years include losses investment partnerships lack enron investor confidence point makes likely dynegy could buy enron pay little premium said commerzbank securities analyst andre meade dynegy unlikely pay significantly enron current share price make bid said acquisition enron would make dynegy biggest energy trader eliminating largest rival analysts said dynegy also would get leading energy manager commercial small industrial customers internet energy trading operation many times larger analysts said people betting deal enron said meade rates enron shares accumulate newpower 3 rd qtr loss narrows adding customers update 4 2001 11 08 16 08 new york newpower 3 rd qtr loss narrows adding customers update 4 updates closing share price sixth paragraph updates enron share decline fifth paragraph purchase new york nov 8 bloomberg newpower holdings inc venture formed enron corp compete traditional gas electric utilities said third quarter loss narrowed cutting costs adding customers loss 67 1 million 1 15 share compared loss 69 9 million 2 96 year earlier revenue tripled 54 7 million 18 2 million company said newpower forecast loss 1 16 share average estimate three analysts polled thomson financial first call newpower added 80 000 customers third quarter expects 840 000 860 000 customers end year company based purchase new york reduced sales general administrative costs 41 percent primarily cutting systems development professional expenses company eliminating 40 jobs 22 percent workforce cut costs chief financial officer william jacobs said conference call newpower expects costs 16 million fourth quarter severance end business alliance aol time warner inc spokeswoman gael doar said enron largest energy trader owns 44 percent newpower houston based enron whose shares fallen 75 percent since oct 16 amid concern affiliated partnerships run former chief financial officer said 544 million losses investments including newpower third quarter shares newpower rose 42 cents 1 23 company first sold shares public october 2000 21 share offering increased number shares outstanding 58 million 23 million fourth quarter excluding costs severance end aol agreement newpower expects fourth quarter loss 41 million 46 million 65 cents 73 cents share full year loss 210 million 215 million 3 55 3 63 company expected lose 74 cents fourth quarter according first call average three analysts estimates full year loss expected 3 71 average four analysts estimates 2002 newpower expects loss 100 million 125 million 1 59 1 99 share average estimate four analysts polled first call 2 26 newpower expects profitable 2003 1 5 million customers company focusing small businesses 25 000 small business customers expects 35 000 end year international business machines corp owns 1 5 million shares newpower less 5 percent company enron restates years profits talks dynegy update 4 2001 11 08 15 41 new york enron restates years profits talks dynegy update 4 adds dynegy share price sixth paragraph houston nov 8 bloomberg enron corp began merger talks dynegy inc stock plunged restated earnings four years include losses investment partnerships arranged senior executives largest energy trader failed yesterday reach agreement dynegy sell 8 billion stock dynegy concerned credit rating companies may downgrade enron debt people familiar situation said reduction junk status would precipitate cash crisis requiring enron repay early 3 3 billion bonds restating earnings past five years suggestive fraud justification downgrade said donald coxe manages 78 000 enron shares part harris insight equity fund surprised downgraded decision chairman chief executive officer kenneth lay reduce earnings 586 million since 1997 part enron efforts regain confidence among investors stung 89 percent plunge stock year securities exchange commission investigation company accounted partnerships sponsored enron fired treasurer ben glisan kristina mourdant lawyer enron division company believes glisan mourdant two employees longer working enron bought interests subsidiaries partnership run former chief financial officer andrew fastow dynegy shares rose much 14 percent speculation may decide buy cash strapped enron pay much premium people betting deal enron said andre meade analyst commerzbank ag rates enron accumulate dynegy unlikely pay significantly enron current share price make bid said shares decline enron shares declined 40 cents 8 65 company determined violated generally accepted accounting rules failed consolidate results three called special purpose entities vehicles getting access capital hedging risk moved books circumstances enron ousted fastow last month revealing accounting error transactions group partnerships resulted 1 2 billion reduction shareholder equity third quarter arthur andersen llp enron independent auditor company today reduced 1997 net income 96 million 1998 earnings 113 million 1999 results 250 million 2000 earnings 132 million 2001 changes resulted increase net income 17 million first quarter 5 million second quarter reduction 17 million third quarter enron bonds pared gains earnings restated threat credit downgrade dimmed rally sparked dynegy talks enron debt doubled past four years 13 billion end third quarter standard poor moody investors service considering lowering ratings two levels junk enron running time pushing bargaining table said zach wagner analyst edward jones joint energy development investments known jedi wholly owned subsidiary ljml engaged derivative transactions enron permit enron hedge market risks equity investment rhythms netconnections inc provides high speed networking businesses companies trade natural gas electricity commodities enron may pull back enron finances deteriorate point loses investment grade credit rating investors say atlanta based mirant corp top u energy trader moved trades away enron exchanges intercontinenal exchange venture formed march 2000 partners including bp plc goldman sachs co mirant spokesman james peters said still trading limited basis said peters dynegy act fast said roger hamilton money manager john hancock advisers inc sold enron shares recent weeks enron get financing bonds go junk lose counterparties marvelous business vanishes dynegy would gain wholesale energy business leading energy manager commercial small industrial customers internet energy trading operation many times larger said ubs warburg llc analyst james yanello history guide dynegy stingy comes acquisitions expect anything stupid overpaying enron said yanello deal could provide dynegy tremendous opportunity rates dynegy strong buy shares either company chevrontexaco corp owns 27 percent dynegy considering adding 1 5 billion transaction help enron would provide another 1 billion purchase closed new york times wall street journal reported breakup fee companies agreed breakup fee providing dynegy 400 million enron accepts higher offer people familiar talks said dynegy shares rose much 4 30 13 percent 37 30 stock dropped 3 yesterday news enron talks first reported dynegy spokesman steve stengel enron spokesman mark palmer chevrontexaco spokesman fred gorell declined comment enron plans meet j p morgan chase financial results restated cbsmarketwatch com lisa sanders new york cbs mw enron troubles deepened thursday energy merchant confirmed merger talks dynegy announced securities exchange commission filing fired two officers restating financial results four years two quarters dynegy enron confirmed thursday negotiations following published report 8 billion deal close finalized new york times reported dynegy board approved stock offer worth 10 share enron confirming talks companies released details dynegy additional comment enron spokeswoman stonewalled reporters thursday saying company requiring questions submitted writing enron respond questions shares enron ene initially rallied closed 8 41 64 cents 7 1 percent dynegy dyn tacked 3 50 close 36 50 chevrontexaco cvx owns 27 percent dynegy contribute 2 5 billion deal times reported chevrontexaco added 31 cents close 87 59 declined comment also thursday enron sec filing said fired treasurer ben glisan general counsel enron division kristina mordaunt earlier month enron fired chief financial officer andy fastow role limited partnerships investigation sec enron restated financial results years 1997 2000 first two quarters 2001 enron lost market value past month sec launched probe transactions company executives enron would bring huge debt merger dynegy enron would require smaller company take 12 8 billion debt enron books acquisition would likely lead sale additional enron assets pay debts times reported boards companies meeting houston wednesday night according paper look balance sheets dynegy enron merger would tough deal jeff dietert simmons co noted dynegy dyn 3 billion worth debt market capitalization 11 7 billion enron debt load likely significant dynegy step swallow dietert said dynegy make deal would issue equity added would make sense dynegy consider buying enron assets dietert said would also help enron clean balance sheet chris ellinghaus williams capital group said chevrontexaco involvement would make dynegy enron combination realistic would view transaction favorably assuming dynegy intends dispose enron myriad non core businesses ellinghaus said dynegy enron together would dwarf natural gas power marketers u ellinghaus said possibility dynegy would buy enron staggering however failure enron procure outside equity infusion apparently severely limited enron options said believe potential demise enron invalidates merchant energy model suggest deeper problems within wholesale energy markets gregory phelps vice president portfolio manager john hancock patriot group closed end income funds said enron even current state retains intrinsic value enron still incredible number contractual trading arrangements allowed crumble fall added think firm like dynegy firm like chevrontexaco partner adds credibility enron needs dynegy gets buy assets cheap tie growth oriented operations said phelps never owned enron stock funds says volatile company makes hard understand generates revenue bush ties enron chairman ceo kenneth lay stepped back ceo spot following abrupt departure jeffrey k skilling left six months job personal reasons skilling called testify washington c week though sec would confirm whether agency conference call investors wednesday el paso energy chairman chief executive william wise said company would consider buying enron assets though declined specify ones asset oriented company would look assets wise said rather list make judgments wednesday g edwards cut rating enron sell hold saying reason stock would bet company would bid enron large part wholesale trading operations azurix divestiture also thursday azurix corp affiliate enron said sold azurix north america azurix industrial american water works 141 5 million cash assumption 6 1 million debt azurix water wastewater company third quarter enron took 1 billion charge included 287 million asset impairments azurix lisa sanders dallas based reporter cbs marketwatch com