|
|
Enron Mail |
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: "Collazo, Judy E [EQRE]" <judy.e.collazo@ssmb.com< X-To: undisclosed-recipients:, X-cc: X-bcc: X-Folder: \Lawrence_Whalley_Dec2000\Notes Folders\All documents X-Origin: Whalley-L X-FileName: gwhalley.nsf < NPW 3Q:00 Results in Line; Fundamentals Intact; Reiterate 1S Rating < < * Reiterate 1S (Buy, Speculative) rating on Competitive Energy < Retailing start-up New Power Company following 3Q:00 results and company < conference call < * Start-up loss in-line at $1.23 per share vs. our $1.22 expectation < * Key metrics -- new customer count and gross margin percentage -- < in-line with our expectations: New Power now has 316,000 customers, and a < gross margin of 7.2% for the quarter (11% after certain < acquisition-related costs) < * See sell-off in stock as unwarranted, partially due to weakness in < "concept stocks"; while continued weakness may persist due to overall < market sentiment, we recommend purchase at these levels < * Expect several catalysts over the next several months: successful < resolution of disputed customer acquisition in Pennsylvania (Nov. 29), < ramp-up of marketing partnership with AOL < < <<trc75562.pdf<< < < < Raymond C. Niles < Power/Natural Gas Research < Salomon Smith Barney < (212) 816-2807 < ray.niles@ssmb.com < < s < < < < - trc75562.pdf
|