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Enron Mail |
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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Gualy, Jaime </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JGUALY< X-To: Rogers, Benjamin </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Brogers< X-cc: X-bcc: X-Folder: \BROGERS (Non-Privileged)\Rogers, Benjamin\Inbox X-Origin: ROGERS-B X-FileName: BROGERS (Non-Privileged).pst -----Original Message----- From: Courtney Cleman <Courtney.Cleman@morganstanley.com<@ENRON Sent: Monday, October 01, 2001 9:01 AM To: kkonolig@ms.com Subject: Watt's News-The Weekly Update/Kit Konolige/MS Electric Utilities Research Morgan Stanley Electric Utilities Research Kit Konolige (212) 761-6237 David Reynolds (212) 761-6078 Carrie Stevens (212) 761-6183 Chris Bezler (212) 761-4487 Julianne Cappos (212) 761-3115 Douglas Levine (212) 761-7134 Watt's News - The Weekly Update * Free markets will not die-ALJ recommends NO refunds in the Northwest A catalyst that could help support gencos' valuation to a premium multiple once again. Could have positive implications for pending CA refunds. * RRI pays 15.8X for ORN shares, lowers growth rate to 15% Critical acq. as RRI's prior '02 EPS guidance now 15% lower due to lower CA power prices. RRI target price lowered to $25, maintain Outperform-V. ORN lowered to Neutral. * AES lowered to Neutral - misses EPS due to co. specific items primarily Only a portion of $0.50 shortfall in earlier guidance is understandable. 2001E cut from $1.85 to $1.25, the low end of co.'s guidance. * Many companies reaffirm '01 & '02 EPS - validating earnings power AEP, CPN, DUK, DYN, ETR, ILA, MIR, NRG, PPL & SRE reaffirm '01 EPS guidance. CPN, DYN, ETR, MIR also reaffirm '02 EPS guidance. Informally reaffirmed - D, PEG & TXU. - 112681.pdf - Courtney.Cleman.vcf
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