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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Stanley.K.Horton@dynegy.com X-To: Parks, Joe </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JPARKS< X-cc: X-bcc: X-Folder: \ExMerge - Parks, Joe\Deleted Items X-Origin: PARKS-J X-FileName: joe parks 6-26-02.pst ----- Forwarded by Stanley K Horton/HOU/Dynegy on 01/07/02 03:09 PM ----- RJ EnergyGroup <RJEnergygroup@ec To: "'RJ Customer'" <rj@rjf.com< m.rjf.com< cc: Subject: Energy Stocks are at the Bottom of a Cyclical Downturn with a Secular Upswing: Buy Now! 01/07/02 08:02 AM <<IENER010702BSOW.PDF<< Raymond James Energy Stat of the Week, published 01/07/02. Recent energy investment sentiment could be characterized as a fear-driven, cautious psychology that has led to a generally under-owned condition for most energy stocks. A major contributor to this negative psychology has been the underlying belief of investors that "energy stocks always bottom several times before a sustained upward move." While that was true in the 1998/1999 downturn, we are convinced that today's energy fundamentals are far different than those experienced in the downturn several years ago. In fact, we believe today's environment is much more similar to that experienced in the 1972/1974 timeframe, when energy stocks experienced a two-year run-up followed by a recession and subsequent nine month sell off. In the 1974 downturn, however, the stocks experienced one bottom in the late fall and never looked back. Likewise, we are convinced that energy stocks have already seen their lowest levels and as strong commodity fundamentals become visible later in the first quarter, the stocks will begin to run. In other words, we believe the energy stocks are near the bottom of a cyclical downturn within what we believe is going to be a longer-term secular upswing. That means that now is the time to be buying energy stocks! The attached file is in the Adobe Acrobat *.PDF format. If you do not have the latest version of the Adobe Acrobat Reader, you can download it free from http://www.adobe.com/prodindex/acrobat/readstep.html#reader. If you should experience problems with this email, please contact Datra Roter, droter@ecm.rjf.com. If you have further questions, please contact any of the following members of the Raymond James Energy Team at 800-945-6275 (Houston). Research Team Oilfield Service E&P Utilities/Energy Calgary Energy Marshall Adkins Wayne Andrews Alexandra Fasoli Ken Faircloth John Tasdemir John Tysseland Gordon Gee Jim Rollyson Jeff Stultz Roger Serin Matthew Burrus Porfirio Hernandez Andrew Bradford John Freeman James Mullins Kara Bayton Grant Daunheimer Angela Guo Fixed Income Jon Kyle Cartwright (Florida Office) 727-573-8366 Investment Banking Team Oilfield Service E&P Utilities/Energy Calgary Energy Steve Grant Howard House Allen Lassiter Naveen Dargan Ron Montalbano Michael Ames Mark Huhndorff Jason Holtby John Sterling C.W. Macleod Kevin Palma Igor Falaleyev Gib Hordes Scott McNeill Caroline Troy Wes Martin David McGorman Kevin Smith Office Locations Houston Dallas 5847 San Felipe, Suite 720 2001 Ross Avenue, Suite 3500 Houston, TX 77057 Dallas, TX 75201 (800) 945-6275 FAX (713) 789-3581 (800) 393-1314 FAX (214) 720-1315 (713) 789-3551 FAX (713) 266-4117 Calgary St. Petersburg Suite 2500, 707 8(superscript: th) Ave. SW 880 Carillon Parkway, Tower III Calgary AB T2P 1H5 St. Petersburg, FL 33716 888-477-6451 High Grade Trading 800-248-8863 ext. 8336 403-509-0536 High Yield Trading 800-448-6623 Fixed Income Research (727) 573-8366 (See attached file: IENER010702BSOW.PDF)
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