enron mentions enron replaces fastow finance chief mcmahon takes post move follows concerns partnership deals wall street journal 10 25 01 enron ousts finance chief e c looks dealings new york times 10 25 01 pressured enron ousts cfo washington post 10 25 01 enron replaces cfo reassure investors houston chronicle 10 25 01 front page first section enron replaces finance chief financial times u k edition 10 25 01 companies appoints mcmahon afx news 10 25 01 enron embattled chief financial officer ousted chicago tribune 10 25 01 enron ousts cfo amid sec probe los angeles times 10 25 01 shell shocked enron parts cfo thestreet com 10 25 01 phew enron stinks realmoney com 10 25 01 small stock focus russell 2000 ekes increase adtran arris group post gains wall street journal 10 25 01 u directors graded activist bond treatment toronto edition headline directors get bond treatment members boards graded shareholder activists toronto edition headline national post 10 25 01 uk u stocks drift europe wary tone persists reuters english news service 10 25 01 world stock markets wall st favours us tech stocks blue chips americas financial times u k edition 10 25 01 enron replaces cfo andy fastow cbsmarketwatch 10 25 01 usa update 1 beleaguered enron names new cfo reuters english news service 10 24 01 usa utility stocks drop slipping expectations reuters english news service 10 24 01 berger move follows concerns partnership deals rebecca smith john r emshwiller staff reporters wall street journal 10 25 2001 wall street journal 3 copyright c 2001 dow jones company inc enron corp replaced embattled chief financial officer andrew fastow capping tumultuous day huge energy company saw stock price fall sharply help pull share prices major energy trading companies investors appeared worried enron recent woes could destabilizing effect energy trading market houston energy powerhouse annualized revenue topping 150 billion assets 60 billion handles transactions representing roughly one quarter nation traded electricity natural gas volumes less two years operation enrononline trading platform become central marketplace energy business already handled 880 billion transactions enron makes market make mistake said merrill lynch analyst donato eassey trader use enrononline enron enters thousands transactions every day company credit worthiness critical enron said business operations functioning normally yesterday company also consistently said financially strong liquid enron said new chief financial officer jeffrey mcmahon 40 year old head company industrial markets division selection may intended part raise company credibility people familiar matter say mr mcmahon left job treasurer last year voicing concerns within company mr fastow role running two limited partnerships involved billions dollars worth transactions enron internal partnership documents indicate mr fastow possibly handful associates made millions dollars partnerships mr fastow severed ties partnerships july face increasing conflict interest concerns expressed wall street analysts major enron investors monday enron announced securities exchange commission looking fastow related transactions enron recently tuesday strongly defended mr fastow well company dealings partnerships controversy arrangements clearly played role executive departure continued discussions financial community became clear restoring investor confidence would require us replace andy cfo said chairman chief executive kenneth lay prepared statement enron said mr fastow leave absence company reached comment remains seen much mr fastow removal assuage increasingly restive investment community action came 4 p market close followed day enron stock plunged 4 p new york stock exchange composite trading enron shares 16 41 3 38 17 topped big board active list nearly 76 million shares twice volume second active stock several trades yesterday involved blocks 800 000 shares possibly indicating institutional holders souring enron stock enron shares 50 beginning last week earlier year stock 80 share apparent ripple effect stocks energy trading companies business enron also fell sharply yesterday instance dynegy inc shares big board 5 45 13 37 26 number energy companies hit selloff business strategies much different enron rely heavily complex highly structured investment vehicles prudential securities analyst carol coale said mr fastow departure could seen evidence management care investor concerns however adds move also could viewed investors coming two days announcement sec inquiry admission guilt ms coale yesterday issued sell recommendation enron largely uncertainties company extremely complex financial structure enron consistently denied wrongdoing fastow related dealings worries rumors enron financial strength could found stock market yesterday goldman sachs analyst david fleischer said heard people voice concerns possible death spiral increasing credit concerns enron would decrease number people willing business company would turn weaken finances lead business reductions mr fleischer longtime fan still buy recommendation company said yet seen evidence problem however mr fleischer said enron needs disclose information myriad financial transactions related partnerships entities enron facing problem trust credibility easy regain something basic trust said copyright 2000 dow jones section c enron ousts finance chief e c looks dealings floyd norris 10 25 2001 new york times page 2 column 5 c 2001 new york times company enron corporation stock battered sudden loss investor confidence yesterday ousted chief financial officer andrew fastow whose involvement complicated transactions enron drawn scrutiny securities exchange commission continued discussions financial community became clear restoring investor confidence would require us replace andy c f kenneth l lay enron chairman chief executive said statement announcing change one day mr lay told investors conference call enron board continue highest faith confidence andy company said mr fastow taken leave absence also named successor jeffrey mcmahon head enron industrial markets group former corporate treasurer enron said none officials available interviews last night move came close trading new york stock exchange enron shares fell 3 38 16 41 price cut half since oct 16 enron reported third quarter earnings 1 2 billion reduction shareholder equity brought ending relationships partnerships mr fastow headed disclosed earnings news release mr lay briefly mentioned conference call followed analysts thought referring separate 1 billion write disclosed earnings document angered later learned tuesday mr fastow mr lay discussed company analysts conference call neither willing discuss details transactions enron partnerships formerly controlled mr fastow mr lay cited e c inquiry declining discuss details transactions fact transactions took place known year enron disclosures widely criticized impossible understand structuring deals involving forward commitments deliver enron stock appears enron able assure losses would lead reported losses instead reductions shareholder equity effect income statement one issues e c whose inquiries disclosed monday company expected address concerns also grown week whether enron face losses complicated financing strategies kept billions dollars debts balance sheet left company responsible paying either cash stock things went wrong tuesday mr fastow assured investors company expects continue sufficient liquidity meet normal obligations said bank credit lines adequate mr fastow viewed one architects jeffrey k skilling former enron chief executive resigned august change business strategy turned enron gas pipeline company energy trading powerhouse developed large wall street following stock price peaked summer 2000 90 75 according person close company mr mcmahon mr fastow successor enron treasurer told mr skilling time chief operating officer thought partnerships involving mr fastow presented conflict interest discussion mr mcmahon moved different job company person said shares enron traded low 15 51 yesterday afternoon lowest price stock since early 1995 recovering hours trading fell 16 14 one factors hurt stock yesterday decision carol coale analyst prudential securities drop rating sell hold lowered rating hold buy monday e c inquiry announced said interview yesterday evening enron addressed delivering scapegoat gesture street replacing today timing little late think received positively street said investor sentiment might work way people could fear remove fastow management team never get answers copyright 2000 dow jones company inc rights reserved financial pressured enron ousts cfo 10 25 2001 washington post final eo 2 copyright 2001 washington post co rights reserved enron replaced andrew fastow chief financial officer day chief executive kenneth lay stressed company confidence fastow performed dual roles energy giant cfo managing partnerships enron business continued discussions financial community became clear restoring investor confidence would require us replace andy cfo lay said statement partnerships dissolved http www washingtonpost com copyright 2000 dow jones company inc rights reserved oct 25 2001 12 06 houston chronicle enron replaces cfo reassure investors laura goldberg copyright 2001 houston chronicle bid repair badly damaged credibility wall street houston based enron corp removed chief financial officer wednesday federal securities regulators review business dealings enron two investment partnerships ran enron world largest energy trader said chief financial officer andrew fastow put leave absence undetermined period named another enron executive jeff mcmahon replacement company said move reflection fastow belief done anything improper continued discussions financial community became clear restoring investor confidence would require us replace andy cfo enron chairman ceo ken lay said statement stock market closed day investors continued dumping shares enron seen stock battered year variety reasons found high wall street hit list released third quarter earnings oct 16 earnings report drew renewed attention something investors analysts already expressed displeasure fastow approval enron board formed run two investment partnerships ljm cayman ljm 2 co investment partnerships complex financing hedging deals enron served source funding enron projects investments wall street questioned fastow could watch interests enron shareholders investment partnership time fastow june resigned roles partnerships enron also ended relationships ljm entities third quarter enron took 35 million loss related ending ljm ties well 1 2 billion reduction shareholder equity tuesday lay told analysts investors procedures rigorously followed ensure interests enron shareholders protected dealings ljm partnerships said chinese wall existed enron ljm fastow replacement mcmahon previously served enron treasurer moving last year another job enron recently headed company industrial markets group source close enron said mcmahon asked reassigned treasurer job uncomfortable fastow ljm setup enron spokesman mark palmer said neither fastow mcmahon available comment wednesday also know whether fastow still receiving salary enron disclosed monday federal securities regulators begun informal inquiry ljm dealings news proved terrible company already working rebuild investor confidence series failed investments telecommunications water retail power businesses surprise resignation ceo jeff skilling august personal reasons continuously growing number shareholder lawsuits enron followed earnings report news sec inquiry wall street stepped chronic complaints enron various financial dealings complex follow company fails give analysts enough data make proper evaluations beyond ljm partnerships investors concerned two partnerships enron set among worries enron end issue new shares stock cover commitments associated entities investors like would dilute value current outstanding shares also afraid enron debt credit rating may downgraded could negative impacts overall business last six days enron shares closed lower lower oct 16 stock closed 33 84 wednesday closed 16 41 3 38 wednesday hubbub surrounding enron also dragged shares companies engage energy trading including houston based dynegy closed 5 45 37 26 concern enron woes could way end harming energy trading markets conference call lay senior executives including fastow held analysts tuesday help clear questions go enron hoped wednesday carol coale analyst prudential securities houston moved hold sell rating front page first section enron replaces finance chief julie earle sheila mcnulty 10 25 2001 financial times u k edition c 2001 financial times limited rights reserved front page first section enron replaces finance chief energy company attempts halt sharp decline share price enron us energy group yesterday replaced embattled chief financial officer andrew fastow try halt slide share price lost 40 per cent value week kenneth lay enron chief executive officer said market closed mr fastow taking leave absence move came day mr lay defended mr fastow amid questions ties controversial partnerships forced enron take 1 2 bn write loss revealed last week sparked share sell amid concerns may bad news come enron disclosed loss october 16 conference call analysts third quarter results saying charge stemmed closing funding mechanisms enron set partnerships established mr fastow analysts say charge satisfactorily explained leading confusion among investors unofficial inquiry securities exchange commission continued discussions financial community became clear restoring investor confidence would require us replace andy cfo mr lay said said jeff mcmahon chairman chief executive enron industrial markets group would replace mr fastow mr mcmahon earlier served enron treasurer analysts said unclear whether mr fastow departure would enough carol coale prudential securities said move positive demonstrating enron sensitive wall street called mr fastow replaced yet added came three days calls ms coale issued sell recommendation enron earlier yesterday leading drop almost 18 per cent share price concerned know ms coale said concerned enron might sell assets book value maintain credit rating forced issue equity bolster balance sheet enron might also lose customers competitors pressure enron believes concerns misplaced sec inquiry prove company done nothing wrong lex page 16 c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved companies finance americas sell note issued enron shares sheila mcnulty 10 25 2001 financial times u k edition c 2001 financial times limited rights reserved shares enron us energy group fell yesterday prudential securities issued sell note concerns 1 2 bn loss taken company last week might end bad news first hour new york stock exchange trading enron stock biggest percentage loser dropping 20 2 per cent 15 80 lowest level since august 1995 concerned know said carol coale prudential analyst covers enron disappointed enron forthcoming conference call held tuesday response charges transparent investors abandoning stock since october 16 enron told analysts taking 1 2 bn loss shutting funding mechanisms set controversial partnerships established andrew fastow chief financial officer charge thoroughly explained leading confusion among analysts unofficial inquiry securities exchange commission ms coale said concerned enron might sell assets book value maintain credit rating forced issue equity bolster balance sheet said enron might lose customers competitors pressure enron believes concerns misplaced sec enquiry prove company done nothing wrong c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved lex column enron 10 25 2001 financial times u k edition c 2001 financial times limited rights reserved enron lose chief executive may regarded misfortune lose chief financial officer well looks like carelessness enron effort increase transparency revealing operating data third quarter release undermined decision gloss 1 2 bn equity charge related closing related party transactions two balance sheet financing vehicles neglected mention vehicles run andrew fastow cfo conflict interest anyone securities exchange commission conducting informal inquiry investors angry initial revelation reason feel conference call supposed clear confusion financing vehicles related party transactions call opposite effect charge shareholders equity related reduction notes receivable result closing one vehicles termination previously recorded contractual obligations deliver enron shares uncertainty whether enron might sell assets issue new stock cover possible shortfalls vehicles credit concerns lack disclosure explain weakness stock bond prices enron unlikely lose investment grade status dilution real risk shareholders mr fastow gone following jeffrey skilling former chief executive quit six months ceo credibility problem goes beyond one individual c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved enron corp cut market perform banc america 2001 10 25 08 49 new york princeton new jersey oct 25 bloomberg data enron corp ene us downgraded market perform strong buy analyst william j maze banc america baring asset management mcclen enron investor comments 2001 10 25 08 09 new york london oct 25 bloomberg following comments catherine mcclen helps manage 17 billion bonds baring asset management enron corp yesterday enron ousted chief financial officer andrew fastow amid securities exchange commission inquiry partnerships ran cost largest energy trader 35 million mcclen said baring bought credit linked notes issued houston based enron summer given happened basically firing andy fastow cfo finally woken concerned people management credibility issue recent conference call one thought favor terms calming investors concerns slightly hiding behind fact sec got inquiry going fact two days later andy gone center good sign company realizing concerned investors always worry sec gets involved could extend never know could come bit fear unknown enron sec inquiry risk could asset write downs another thing criticized lack disclosure still seen balance sheet third quarter people saying include balance sheet results promised better disclosure past meant begin third quarter like see information asset write downs discussion balance sheet financing vehicles like marlin osprey like see clarity answering sort questions seems though enron least maybe start process going address clean balance sheet started replace management investors already enough issues corporate bonds recently sometimes investors think another nasty portfolio rather exit certain investors maybe get scared wanted know people speculated could go junk think could think enron could exist junk company certain reluctance sell bonds want stand back moment look fundamentals spreads already moved wide reassess see whether think buying opportunity christine harper london newsroom 44 20 7330 7982 charper bloomberg net jom enron ousts cfo amid partnership questions pam easton associated press writer 10 25 2001 associated press newswires copyright 2001 associated press rights reserved houston ap enron corp may added another question list investors already ousting chief financial officer day company stressed confidence andrew fastow amid securities exchange commission inquiry could either viewed positive step toward easing investor concern could interpreted enron removed cfo request sec prudential securities inc analyst carol coale said wednesday knows enron officials hope result increased investor confidence energy trading giant stocks declined value day since monday announcement sec inquired partnerships business enron managed fastow continued discussions financial community became clear restoring investor confidence would require us replace andy cfo enron chief executive officer kenneth lay said markets closed wednesday fastow take leave absence company jeff mcmahon served chairman chief executive enron industrial markets group takes role think change good particular point time said fac equities analyst robert christensen said think andy somewhat beleaguered g edwards sons analyst mike heim however said take replacing fastow chief financial officer clear uncertainty looming financial world enron partnerships think reason stock declining sharply last days due lack clarity partnership arrangements heim said replacing fastow alone clarify arrangements added still uncertainty despite promises management transparent financial community heim said instead transparent confusion ever enron stock continued plummet wednesday closing 3 38 16 41 per share 17 percent decline since wall street journal first reported partnerships last week enron stock price slid nearly 52 percent market asking happen j p morgan analyst anatol feygin said fastow departure really first time enron acted agent shareholder crisis previously enron managers cautious defensive approach said conference call tuesday address investor concern lay said partnerships fully disclosed contained measures ensure conflict existed fastow carried dual roles partnerships since dissolved call work many including feygin heim hear things like unrolled partnership dealings exact details partnerships work ever expect take charges heim said heard disclose information 10 q filed turbulent past months included sec inquiry third quarter losses august resignation company chief executive officer jeff skilling left many analysts questioning company future heim said really speculative bet right odds favor company able weather storm healthy company year two years said much going depend much enron discloses investors feygin said feygin said mcmahon worked enron treasurer two years fastow disagreement fastow involvement partnerships caused mcmahon leave job treasurer internally jeff always proponent andy involved partnerships feygin said three days ago would said need change cfo level today pretty obvious something enron needed copyright 2000 dow jones company inc rights reserved financial post investing hot stock enron fires cfo quell unrest stock meltdown jason chow financial post files bloomberg news 10 25 2001 national post national inl front c national post 2001 rights reserved facing crisis confidence market enron corp replaced chief financial officer yesterday stock continued tumble failing rally support analysts damage control conference call tuesday houston based energy trader dropped chief financial officer andrew fastow linked transactions looked securities exchange commission replaced former treasurer jeff mcmahon move came enron shares ene nyse dropped us 3 38 us 16 41 stock dropped 55 past two weeks wiping us 10 billion shareholder wealth continued discussions financial community became clear restoring investor confidence would require us replace andy cfo enron chief executive kenneth lay said early last week enron reported us 618 million third quarter loss resulting us 1 01 billion write offs company also disclosed us 1 2 billion reduction shareholder equity quarter result terminating certain transactions related partnership time headed mr fastow july mr fastow ended connection partnership face growing concerns analysts major investors sec currently looking partnership arrangement turmoil past several days prompted enron schedule conference call tuesday morning wall street analysts reassure investors call enron officials declined specify mr fastow role partnership citing ongoing sec investigation derivative lawsuit filed enron alleges board breached fiduciary duties allowing mr fastow create run partnerships stock came renewed pressure early day analyst carol coale prudential financial downgraded stock second time week sell hold ms coale said rating change things know things potentially know company volume heavy 75 8 million shares changing hands average daily volume 6 7 million shares j p morgan analyst anatol feygin also less impressed enron line conference call company acknowledged transactions partnerships run chief financial officer led writedown us 1 2 billion shareholder equity mr feygin said management defensive pressed details ms coale reduced price target us 15 us 55 assuming bad news come allegations impropriety cloud enron mr feygin said company credit situation could crucial factor short term fortunes last week moody investors service placed us 13 billion company long term debt securities watch possible downgrade moody lowered rating enron short term debt costs would rise copyright 2000 dow jones appoints mcmahon 10 25 2001 afx news c 2001 afp extel news ltd houston afx enron corp said named jeff mcmahon chief financial officer place andrew fastow announcing mcmahon appointment chairman kenneth lay said continued discussions financial community became clear restoring investor confidence would require us replace andy cfo enron shares fallen sharply recent days concerns financial transactions made two ljm partnerships run fastow analysts said could affect future earnings prompted class action suits company monday enron announced securities exchange commission looking fastow related transactions mcmahon serving chairman ceo enron industrial markets group wall street journal quoted people familiar matter saying mcmahon left job treasurer last year voicing concerns within company fastow role running two partnerships internal documents indicate fastow possibly handful associates made millions dollars partnerships newspaper reported jms information contact afx www afxnews com www afxpress com copyright 2000 dow jones n 2 copyright 2001 chicago tribune enron corp ousted andrew fastow chief financial officer wednesday day chief executive kenneth lay stressed company confidence despite growing controversy fastow role overseeing partnerships business energy trading giant continued discussions financial community became clear restoring investor confidence would require us replace andy cfo lay said statement company said fastow taken leave absence also named successor jeff mcmahon head enron industrial markets group former corporate treasurer move came close trading new york stock exchange enron shares fell 3 38 16 41 price cut half since oct 16 enron third quarter earnings release failed disclose partnerships copyright 2000 dow jones financial desk enron ousts cfo amid sec probe bloomberg news 10 25 2001 los angeles times home edition c 3 copyright 2001 times mirror company houston enron corp ousted chief financial officer andrew fastow wednesday amid securities exchange commission inquiry partnerships ran cost largest energy trader 35 million enron named jeff mcmahon head industrial markets group cfo became clear restoring investor confidence would require us replace andy chairman chief executive kenneth lay said fastow take leave absence shares enron based houston plunged 80 year third quarter charges 1 01 billion failed investments outside main commodities trading business wiped 70 profit earned last four quarters investors clearly comfortable exposure andy said j p morgan analyst anatol feygin downgraded enron long term buy owns shares fastow 39 ran ljm cayman ljm 2 co investment two partnerships created enron buy company assets enron involvement financing vehicles cost company 35 million third quarter losses enron also bought back 62 million shares ljm 2 cost 1 2 billion unwind investment conference call tuesday lay said enron board directors continue highest faith confidence andy think outstanding job cfo enron announced fastow would leave stock closed 3 38 17 16 41 trading wednesday new york stock exchange setting new 52 week low sec began inquiry enron partnerships monday spokeswoman karen denne said informal inquiry enron cooperating subpoenas received company formed least 18 affiliated partnerships corporations buy sell enron assets power plants records texas secretary state office indicate copyright 2000 dow jones press release says fastow taking leave absence replaced jeffrey mcmahon formerly ceo enron industrial markets group might enron bulls spin likely point mcmahon alleged opposition fastow role big hedging deal called ljm 2 show fastow era wall street journal citing anonymous sources reported tuesday treasurer enron mcmahon complained fastow possible conflict interest probably fear fastow serve enron ljm 2 equally especially allegedly making lot money ljm 2 clearly mcmahon turns new broom positive enron enron spokeswoman declined comment whether journal account mcmahon stance ljm 2 correct much else encouraging however fastow departure shows took massive drops enron stock force senior management action difficult conference call tuesday ceo ken lay gave fastow resounding backing took wednesday plunge get lay sign new cfo words lay listens market screams hollers much stock fall bring much needed reforms company spokeswoman responds lay discussions analysts tuesday wednesday led conclusion fastow replacement necessary rebuild investor confidence enron culture thick financial sorcery people got upset one shadowy deal one knows exactly company core energy trading business makes money hard believe ljm 2 deals done isolation without knowledge board fact chatter fastow former ceo jeff skilling proposed ljm 2 transactions board reluctant enter broadband business board apparently feared volatility might come broadband fastow allegedly proposed ljm 2 way hedge volatility away meant ljm 2 entered agreements gave access increases value broadband assets protected enron downside whole board hook spokeswoman responds board would entered ljm 2 transaction thought would benefit enron shareholders lay shown woefully touch market views arguably downright reckless trading company dependent potentially skittish short term financing letting things get bad risked good faith among enron counterparties bankers shows unhealthy reluctance address key problems unavoidable spokeswoman responds company working hard improve transparency efforts direction much appreciated wonder people compare lot long term capital management phew enron stinks james j cramer realmoney com 10 25 2001 07 04 edt url enron ene nyse news commentary cause energy crisis create short squeeze energy buying available power hoarding perhaps series partnerships controlled wipe billions equity utilities sort bizarre zero sum game enron shareholders california utilities lost enron hub vast power conspiracy screw u consumer somehow believe events sept 11 aftermath questions would asked right justice department antitrust division congressional investigation one smells worse anything microsoft might done one time need give departed enron execs immunity get bottom may greatest antitrust act history ought fast enron left pay treble damages violators owe surprises enterprising young prosecutor want make name blowing one wide open nation must stop nothing get terrorists abandon white collar folks either much money lost fast era energy seems pretty plentiful possibly retrospect considered real shortage random musings see cnbc squawk given chance talk viacom viab nyse news commentary chevrontexaco cvx nyse news commentary united technologies utx nyse news commentary wells fargo wfc nyse news commentary nice cyclicality called moment small stock focus russell 2000 ekes increase adtran arris group post gains karen talley dow jones newswires 10 25 2001 wall street journal c 6 copyright c 2001 dow jones company inc new york day small cap stocks hug baseline barely moving ending day slight gain number positive profit reports pitched onto positive ground russell 2000 index small capitalization stocks rose 0 28 point 0 07 427 65 nasdaq composite index added 27 10 1 59 1731 54 given small caps modest advance finishing day higher hardly guaranteed fact trailed larger cap technology issues blue chips although moments stocks slipped negative territory day offered little anthrax news lots earnings reports investors voted according whether companies done well generally small caps go time said andrew rich small cap portfolio manager driehaus capital management lot small caps recouped ground lost first week market reopened terrorist attacks compelling reasons aggressive buyer mr rich said seems whole market looking direction nasdaq volume 1 865 billion shares 1 321 billion advancing 516 million declining gainers outpaced decliners 1 902 1 628 tech way among day top performers communications technology including lot fiber optic networking firms ranked highest among small caps adtran rose 97 cents 4 2 23 97 arris group jumped 75 cents 19 4 60 extreme networks added 93 cents 7 6 13 17 semiconductors session second best presenters among small caps elantec semiconductor adding 3 71 12 34 15 oak technology rising 86 cents 11 8 80 wireless communications stocks also strong help large cap nextel communications advanced 1 29 17 8 69 posting third quarter loss surpassed wall street estimates amid continued firmness subscriber growth possible spillover among small caps airgate pcs rose 3 28 6 1 56 78 day poorest performers natural gas utilities continued dragged large cap enron fell 3 38 17 16 41 piedmont natural gas fell 34 cents 1 1 30 63 peoples energy shed 56 cents 1 4 39 06 pegasystems jumped 1 21 43 4 01 12 rise tuesday cambridge mass developer customer management software enjoyed even stronger second day yesterday following tuesday release better expected third quarter earnings 12 cents share beating analyst estimate 10 cents share pinnacle systems rose 83 cents 25 4 20 mountain view calif video production system maker fiscal first quarter loss 11 cents share items beating wall street expectations eight cents share thomas weisel upgraded shares buy market perform sybase jumped 1 99 17 13 50 emeryville calif online software developer reported 20 cents share earnings items beating wall street expectations two cents share follow offering ameripath gained 2 24 8 4 29 04 offering 4 125 million shares 26 follow custom priced discount tuesday close 26 80 merger activity positive effect small caps pri automation jumped 3 38 27 15 92 billerica mass semiconductor equipment maker signed definitive agreement bought brooks automation 380 million stock accord approved companies boards pri shareholders receive 0 52 brooks share pri share held brooks automation fell 1 31 3 9 31 80 vysis surged 7 26 31 30 26 downers grove ill genetic disease researcher agreed acquired abbott laboratories 30 50 share 355 million abbott rose 38 cents 54 24 oni systems dropped 1 01 15 5 62 san jose calif maker fiber optic communication equipment met analysts third quarter consensus estimate 19 cents share excluding items said fourth quarter loss range 16 cents 20 cents share revenue 40 million 50 million analysts expecting loss 16 cents share excluding items revenue 50 1 million credit suisse first boston cut shares buy strong buy fac equities reduced stock neutral buy copyright 2000 dow jones directors get bond treatment members boards graded shareholder activists toronto edition headline kevin drawbaugh reuters 10 25 2001 national post national fpl 2 c national post 2001 rights reserved washington directors corporations graded according performance service expected launched soon business research group corporate library group co founder said yesterday move could cause sweaty palms boardrooms across country long time shareholder activist nell minow said directors awarded grades b c lower based meeting attendance benchmarks always dream rate individual directors like bonds directors scrutiny deserve said ms minow said service called board analyst planned added feature existing web site com board analyst still testing stages expected launch next year said directors u companies initially evaluated non u directors may added later ms minow partner robert monks written several books corporate governance shareholder rights formerly managed washington based shareholder activist lens fund sold last year british fund management group hermes latest venture may find receptive audience institutional buy side said industry spokespersons growing interest within membership board membership general individual directors particular definitely think would interest information individual directors said ann yerger spokeswoman council institutional investors represents america large pension funds corporate governance movement since beginnings 1970 focused making directors accountable responsible many companies responded requiring outside directors meaningful stock ownership among directors examples lax board oversight still abound one example would enron corp whose stock plunged recent days since company said securities exchange commission investigating transactions involving certain outside partnerships company chief financial officer ms minow said enron board asked boards outside consultants supposed vet ideas partnerships like apparently happen taking corporate governance argument step ms minow argued effective board membership theoretical question issue investors evaluate consider buying stock company corporate governance thing part investment analysis said institutional investors routinely examine corporate management analyzing stocks whether begin examine directors well remained open question nell bob monks shareholder activists long time moved corporate governance positive direction said peter gleason vice president research development national association corporate directors represents 3 000 corporate directors surveys association recently showed corporate directors rank self evaluation high list concerns directors saying something mr gleason said copyright 2000 dow jones company inc rights reserved uk u stocks drift europe wary tone persists 10 25 2001 reuters english news service c reuters limited 2001 london oct 25 reuters u stocks trading europe drifted sideways investors awaited u reaction economic stimulus package announced wednesday coupled uncertain mood europe interest rate decision u technology stocks hovered around new york closing prices computer giant ibm traded instinet electronic brokerage 108 85 marginally official close 108 57 dealers said network giant cisco systems quoted near close 17 23 energy company enron corp found support europe tumbling bell wall street company said replaced chief financial officer linked transactions looked u securities exchange commission dealers said enron bid europe around wednesday regular close 16 41 even though fell 16 14 instinet late wednesday least enron seem addressed issue one dealer u shares said u futures mixed european bourses drifted prior decision euro zone interest rates 1145 gmt 1034 gmt p 500 december futures contract 1 5 points 1 083 5 one dealer said investors appeared holding back assessing impact economic stimulus package approved congress late wednesday u house representatives narrowly passed package designed inject 100 billion economy next year business tax breaks aid several companies reported results new york close wednesday limited interest values remained near hours prices chiron inc surged 48 37 close 47 biotechnology firm posted higher earnings product sales jumped 49 percent comverse technology inc software systems provider slumped 16 60 hours trading close 17 58 warning earnings would fall copyright 2000 dow jones company inc rights reserved world stock markets wall st favours us tech stocks blue chips americas mary chung 10 25 2001 financial times u k edition c 2001 financial times limited rights reserved us technology stocks held small gains morning trade disappointing earnings results eastman kodak sent blue chips lower midsession dow jones industrial average 19 79 9 320 29 p 500 index shed 1 08 1 083 70 nasdaq composite rose 18 58 1 723 02 dow components dragged eastman kodak photographic film maker warned fourth quarter profits would fall short wall street expectations shares tumbled 12 per cent 13 10 added gloom reported steep drop profits economic downturn hit areas operations stock dropped 6 per cent 16 65 dupont fell 1 per cent 41 60 chemical leader said faced challenging business environment decades reported sharp fall third quarter earnings energy stocks worst performing sector shares enron 18 4 per cent 16 15 energy trading company scrutiny securities exchange commission analysts accounting practices el paso dropped 5 per cent exxonmobil 2 per cent phillips petroleum 1 per cent reporting weak earnings results technology stocks however gained nextel 9 7 per cent 8 12 wireless company reported quarterly earnings topped market expectations leading technology stocks rose cisco systems 2 5 per cent intel 2 per cent microsoft 1 6 per cent amazon however tumbled 20 per cent 7 66 several analysts cut estimates online retailer compaq computer slipped 0 7 per cent 9 33 reported third quarter net loss line expectations reduced fourth quarter guidance due continued weakness corporate spending sears roebuck edged 0 7 per cent 38 07 largest us department store chain said would cut 4 900 jobs increase profit 1 bn 2004 amr parent american airlines dropped 1 per cent 19 76 reported largest quarterly loss history toronto moved lower early trading profits warning top insurer canada life cast cloud financial stocks canada life fell c 1 59 c 40 11 warned weak securities markets cut third quarter results bank stocks fell sympathy royal bank 93 cents c 44 82 bank montreal 52 cents c 34 95 p 300 composite index 0 8 per cent lower 6 849 80 midsession c copyright financial times ltd rights reserved http www ft com copyright 2000 dow jones company inc rights reserved enron replaces cfo andy fastow announcement comes heels vote confidence cbsmarketwatch com lisa sanders 10 24 01 new york cbs mw one day issuing public vote confidence chief financial officer enron chief executive ken lay ousted wednesday latest two week series events caused enron shares halve enron named jeff mcmahon new chief financial officer wednesday replacing andy fastow move follows tuesday conference call attempt enron restore investor confidence company andy fastow well regarded low profile individual enron unfairly pilloried press said john olson analyst sanders morris harris houston weight circumstantial evidence material stock price decline made inevitable olson predicted cfo swap would improve enron credibility wall street rough week enron fire since last week questions surfaced accounting practices especially regard two limited partnerships created fastow 1999 since dissolved enron said fastow taken leave absence mcmahon recently chairman ceo industrial markets group treasurer 1998 2000 would take continued discussions financial community became clear restoring investor confidence would require us replace andy cfo said lay statement karen denne spokesperson enron said numerous discussions tuesday wednesday led decision said know fastow would return shares enron fell 17 percent wednesday 16 41 fell late trading following announcement low 16 18 one point trading day shares trading six year low 15 51 analysts deliver blows olson called tuesday conference call missed opportunity saying enron real opportunity show investing public become forthright open unfortunately enron overloaded lawyers said olson recommended stock recently company much abused maligned people wall street excellent businesses carrying losers enron excellent growth profile tremendous profitability growth businesses excellent surplus cash flow olson said enron expects generate 3 billion cash flow year 500 million devoted dividends 1 billion maintenance capital spending company 1 5 billion free several wall street firms cut ratings enron shares wednesday including prudential securities firm advised clients sell stock rare recommendation prudential rated company shares hold much consideration lowering rating things know things potentially know company wrote prudential analyst carol coale note monday enron announced related party transactions within limited partnerships review securities exchange commission several shareholder lawsuits subsequently filed management used sec inquiry shield avoid elaboration issue hand ljm transactions coale said reference conference call olson said unlikely enron coterie lawyers would allow creation illegal investment vehicles whether right conceded probably j p morgan anatol feygin downgraded rating long term buy buy saying upgrade precluded company provides information liabilities management conference call yesterday missed opportunity disclose necessary information assuage investor concerns feygin wrote merrill lynch analyst donato eassey noted wednesday enron able maintain investment grade ratings company debt watch potential downgrade moody investors service issuing new equity would one course action though potential reduce earnings per share enron tuesday held forecast 1 80 share 2001 new equity would potentially dilute eps estimates 5 10 percent eassey wrote follow conference call eassey believes cash flow operations expected exceed 3 billion 2002 along asset sales enough insulate company credit ratings lisa sanders dallas based reporter cbs marketwatch com usa update 1 beleaguered enron names new cfo jeff franks 10 24 2001 reuters english news service c reuters limited 2001 houston oct 24 reuters enron corp trying halt freefall stock price firestorm criticism wall street named new chief financial officer wednesday replace andrew fastow linked transactions investigation government regulators company nation largest energy trader said fastow would take leave absence replaced jeff mcmahon running enron unit company former treasurer bid restore credibility investors fastow departure follows august resignation chief executive jeff skilling said wanted change lifestyle six months job wednesday change came enron stock fell 3 38 16 41 lowest point six years cap 13 billion plunge market value since company announced third quarter loss last week wrote shareholder equity 1 2 billion move related questionable transactions wall street anxieties enron spread stocks natural gas power traders marketers wednesday dynegy inc falling 12 8 percent 37 26 aquila inc 11 7 percent 21 20 investors fled enron stock droves following disclosures company balance sheet transactions two limited partnerships run fastow deals u securities exchange commission looking possible conflict interest wall street analysts touted company bitterly accused forthcoming matter problem enron chief executive ken lay cited appointment mcmahon continued discussions financial community became clear restoring investor confidence would require us replace andy cfo said statement mcmahon treasurer 1998 2000 becoming chief executive officer enron industrial markets group deep thorough understanding enron confidence investment world lay said wall street journal reported mcmahon first spoke perception impropriety limited partnership arrangements made fastow paper week said skilling saw problem led mcmahon 40 ask job change fastow denied wrongdoing limited ability speak issues sec investigation shareholder lawsuits pending company recently year ago enron stellar image corporate innovator midas touch profits stock price soared transformed natural gas pipeline company high tech money machine creating new internet based trading markets wide range commodities new businesses faded large investment indian power plant went sour california power crises spooked investors skilling stunned financial community sudden resignation also grousing investors enron earnings statements become convoluted point analysts said replacement fastow step right direction enron panacea credibility problems problems investors enron related lack understanding partnership arrangements changing cfo really address concerns said mike heim g edwards think anyone full understanding extent liabilities enron might partnerships said still lot questions andre meade commerzbank securities said fastow departure unexpected helpful investors going see huge move clears picture said frankly ken lay board clean hands comes transactions fear driving market know much worse get said j p morgan analyst anatol feygin copyright 2000 dow jones company inc rights reserved usa utility stocks drop slipping expectations jim brumm 10 24 2001 reuters english news service c reuters limited 2001 new york oct 24 reuters slipping expectations 2002 power profits combined enron corp growing problems helped drag utility stock prices lowest levels month wednesday general market closed higher p utilities index ended day loss 8 99 3 55 percent 244 32 big loser many recent sessions enron traded lowest price since february 1995 steadying bit close 16 41 17 08 percent 3 38 day 44 percent price two weeks ago analysts recommended selling stock prudential carol coale said sell recommendation made things know things potentially know close enron said named former treasurer jeff mcmahon replace andrew fastow chief financial officer quoted chief executive officer kenneth lay saying became clear restoring investor confidence would require us replace andy cfo close behind enron biggest loser lists wednesday companies patterned power trading giant closest dynegy inc closed loss 5 45 12 76 percent 37 26 lowest price three weeks power earnings forecasts trimmed talk lower estimates 2002 earnings power production trading came four companies active u northeast midwest american electric power co inc exelon corp public service enterprise group inc ppl corp early wednesday ppl said sees little change earnings per share next year year citing expectations lower profits power sales maine pennsylvania montana company also confirmed still sees 2001 earnings exceeding 4 00 per share noting ppl previous 2002 guidance 4 55 4 65 per share wachovia securities analyst thomas hamlin lowered stock rating market perform strong buy explaining ppl failure differentiate power producing price takers hurt management credibility company need prove risk management capabilities order afforded multiple line higher rated merchant power stocks concluded deutsche banc alex brown lehman brothers made similar downgrades exelon first 2002 guidance trailed analyst expectations stock losses follow outlook changes primary driver 2002 estimate lower wholesale commodity price assumptions company generation unit addition weaker distribution demand exelon utility subsidiaries philadelphia chicago deutsche banc alex brown analyst james dobson wrote tuesday exelon officials noted answer analyst questions view 2002 demand changed negative flat since sept 11 attack world trade center company stock opened 10 percent lower 40 following earnings release early tuesday steadied close 41 80 shares continued advance wednesday 12 cent rise made one four gainers among 40 p utility index components big loser among integrated utilities produce distribute power ppl ended day 32 1 68 4 99 percent losses 1 3 percent posted aep closed 42 59 55 cents day pseg slipped 52 cents 39 48 aep management cautioned slowing economy may make upper end 2002 earnings guidance 3 80 3 90 difficult achieve lehman brothers analyst daniel ford wrote note maintained estimate lowered estimate pseg 2002 earnings per share 5 cents 4 05 awaiting closing peruvian purchase pointed receives electricity pjm power producers restraints delivery midwest electricity new jersey power hungry markets copyright 2000 dow jones company inc rights reserved berger montague alleges enron misled investors overvalued assets balance sheet deals 10 24 2001 pr newswire copyright c 2001 pr newswire philadelphia oct 24 prnewswire law firm berger montague p c http www bergermontague com filed class action suit behalf investor enron corp enron company nyse ene principal officers directors united states district court southern district texas behalf persons entities purchased enron securities period march 30 2000 including october 18 2001 inclusive class period complaint alleges enron principal officers directors violated section 10 b 20 securities exchange act l 934 sec rule 10 b 5 complaint alleges defendants misled investors 1 reporting assets overvalued 1 billion caused writedowns amount expected lead writeoffs hundreds millions dollars 2 concealing facts regarding relationships related entity led 1 billion reduction shareholders equity 35 million charge 3 obfuscating failing disclose fact agreements related entities satisfaction include obligations may require company issue large amounts shares misconduct caused market prices enron stock artificially inflated class period facts matters disclosed end class period market price company per share stock fell high 90 per share class period low 15 per share securities analysts downgraded ratings company stock despite precurietous fall market price also enron senior debt placed notice moody possible downgrade also sec inquiry company transactions related entities announced company revealed chief financial officer one defendants taken leave absence company replaced purchased enron securities period march 30 2000 october 18 2001 inclusive may later december 21 2001 move appointed lead plaintiff lead plaintiff representative party acts behalf class members directing litigation private securities litigation reform act 1995 directs courts assume class member largest financial interest outcome case best serve class capacity courts discretion determining class members largest financial interest appointed lead plaintiffs substantial losses absolute terms percentage net worth sustained substantial losses enron securities class period please contact berger montague p c investorprotect bm net thorough explanation lead plaintiff selection process law firm berger montague p c 50 attorneys represent plaintiffs complex litigation berger firm extensive experience representing plaintiffs class action securities litigation played lead roles major cases past 25 years resulted recoveries several billion dollars investors firm currently representing investors lead counsel actions rite aid sotheby waste management inc sunbeam boston chicken ikon office solutions inc standing berger montague p c successfully conducting major securities antitrust litigation recognized numerous courts example class counsel remarkable job representing class interests ikon offices solutions securities litigation civil action 98 4286 e pa partial settlement 111 million approved may 2000 ou acted way lawyers best ought act lot cases 15 years judge recall significant case felt people better represented would say best representation seen waste management inc securities litigation civil action 97 c 7709 n ill settled 1999 220 million purchased enron securities class period questions concerning notice rights respect matter please contact sherrie r savett esquire carole broderick esquire arthur stock esquire kimberly walker investor relations manager berger montague p c 1622 locust street philadelphia pa 19103 phone 888 891 2289 215 875 3000 fax 215 875 5715 website http www bergermontague com e mail investorprotect bm net make opinion count click http tbutton prnewswire com prn 11690 x 46856181 contact sherrie r savett esquire carole broderick esquire arthur stock esquire kimberly walker investor relations manager berger montague p c 1 888 891 2289 1 215 875 3000 fax 1 215 875 5715 investorprotect bm net 18 38 edt copyright 2000 dow jones company inc rights reserved enron officers profited inside knowledge lawsuit alleges 2001 10 24 19 58 new york enron officers profited inside knowledge lawsuit alleges houston oct 24 bloomberg enron corp executives profited inside knowledge sold 73 million shares ahead 26 percent drop energy trading company stock february march shareholder alleges lawsuit allegations insider trading filed today amendment earlier lawsuit filed shareholder fred greenberg original lawsuit filed oct 17 houston accuses enron board costing company least 35 million dealings two partnerships run former chief financial officer andrew fastow amendment filed today suit accuses fastow using insider knowledge enron stock going drop prevent losses one partnerships ljm 2 partnership committed buying enron stock predetermined price september 2000 complaint says enron agreed renegotiate terms transaction let ljm 2 buy shares two months early let partnership earn 10 5 million profit suit says transaction renegotiated partnership would lost 8 every share sold september suit alleges bailed mr fastow ljm 2 took advantage inside information reap illicit insider trading profits millions dollars transaction alone suit says time ljm 2 transaction renegotiated december january chief executive officer kenneth lay president mark frevert top managers sold 73 million shares suit alleges enron executives bailed shares reaping huge insider trading profits lawsuit says sellers included former ceo jeff skilling chief strategy officer cliff baxter broadband services ceo ken rice chief staff steve kean pipeline group ceo stanley horton chief risk officer richard buy suit says enron spokeswoman karen denne declined comment lawsuit served notice suit policy talk pending litigation said march spokesman mark palmer said executives exercised stock options would expired worthless otherwise enron formed least 18 affiliated companies buy sell company assets according records texas secretary state houston based company reported 1 01 billion third quarter losses including 35 million ljm partnerships run fastow sec inquiry greenberg says directors allowed fastow run partnerships bought sold company assets shares enron fallen 52 percent past six days investor concern liabilities attached partnerships affiliated companies formed enron remove debt books u securities exchange commission looking partnerships enron shares fell 3 38 16 41 russell hubbard princeton newsroom 609 750 4651 rhubbard 2 bloomberg net slb alp enron ousts fastow names mcmahon cfo amid inquiry update 5 2001 10 24 19 33 new york enron ousts fastow names mcmahon cfo amid inquiry update 5 adds description enron net works sixth paragraph houston oct 24 bloomberg enron corp ousted chief financial officer andrew fastow amid securities exchange commission inquiry partnerships ran cost largest energy trader 35 million enron named jeff mcmahon head industrial markets group cfo became clear restoring investor confidence would require us replace andy chairman chief executive officer kenneth lay said statement fastow take leave absence shares enron based houston fallen 80 percent year third quarter losses 1 01 billion failed investments outside main commodities trading business wiped 70 percent profit earned past four quarters investors clearly comfortable exposure andy said j p morgan analyst anatol feygin downgraded enron long term buy today owns shares enron treasurer mcmahon complained enron president jeffrey skilling potential conflicts interest posed fastow partnerships 1999 wall street journal reported yesterday rebuffed mcmahon secured reassignment journal said citing people familiar matter mcmahon made famous skilling going objecting partnerships feygin said transferred treasurer function enron net works oversees enron internet trading system outstanding job fastow 39 years old ran ljm cayman ljm 2 co investment two partnerships created enron buy company assets enron involvement financing vehicles cost company 35 million third quarter losses enron also bought back 62 million shares ljm 2 cost 1 2 billion unwind investment conference call yesterday lay said enron board directors continue highest faith confidence andy think outstanding job cfo enron announced fastow would leave stock closed 3 38 17 percent 16 41 today trading sec began inquiry enron partnerships monday spokeswoman karen denne said informal inquiry enron cooperating subpoenas received company formed least 18 affiliated partnerships corporations buy sell enron assets power plants records texas secretary state office indicate texas records list dozens enron executives officers directors company related partnerships none financial interest partnerships fastow severed ties ljm partnerships july palmer said zero compensation managers affiliates listed managing members representational nature said get zero compensation ljm partnerships different enron board allowed fastow worked company 11 years run earn much 2 percent annually amounts invested wall street journal reported last week lawsuit filed shareholder objecting arrangement said partnerships reworked agreement enron avoid taking big losses enron obligated repay 3 3 billion associated two partnerships marlin whitewing raise enough money asset sales pay balance enron spokesman mark palmer said palmer said maybe maybe asked partnerships generate enough cash concern ljm partnership partnerships osprey marlin said g edwards analyst mike heim hold rating enron owns shares high level departures enron lost several senior executives past two years ceo skilling resigned august seven months job citing personal reasons frustration declines company stock price enron corp vice chairman joseph w sutton left company november company switched focus developing assets energy commodity trading rebecca mark one highest ranking women u business quit august 2000 chairman chief executive azurix corp water company formed enron corp mark also resigned enron board azurix money losing investment enron sold shares water company public later buy back russell hubbard princeton newsroom 609 750 4651