CPN Briefing.com In Play:
Jan 16 2002
10:34 AM In Play Market Movers : Winnebago (WGO 39.74 +2.84) plans a boost in production to reflect a substantial increase in wholesale orders and retail sales... Reuters (RTRSY 56.55 -2.95) impacted by WSJ article on Instinet (see 07:06 comment)... Calpine (CPN 14.42 +0.57) rises as co shores up its balance sheet... China.com (CHINA 2.93 +0.29) raises Q4 rev outlook.
Jan 16 2002
10:06 AM In Play Calpine (CPN) 14.40 +0.55 (+4.0%): -- Update -- SGR (-6.2%), FLR (-2.3%), and GE (-1.0%) are down this morning, likely due in part to CPN's capex cut.
Jan 16 2002
7:12 AM In Play Calpine (CPN) 13.85: Co places on hold 34 advanced-stage development projects pending further review, reducing previously forecasted 2002 capital spending by as much as $2 bln. CPN reduces its outlook for 2001 to $1.95 and 2002 view to $1.70 vs consensus estimates of $2.01 and $2.24, respectively. These new estimates reflect continued uncertainty over the timing of a domestic economic recovery and a return to more normal weather.
Jan 11 2002
11:37 AM In Play Calpine (CPN) 15.32 -0.73 (-4.5%): Traders attributing weakness in the stock to speculation that company is at risk to miss its quarter.
Dec 21 2001
7:55 AM In Play B of A on Energy : Banc of America Securities is more positive on diversified energy companies after swift recapitalizations by several companies and a Moody's conference call in which the agency couldn't point to any fundamental reasons for its downgrades; B of A says the Moody's call demonstrated that its recent downgrades were the result of confusion and have led to a significant loss of credibility for Moody's. Note mentions DYN, MIR, EPG, and CPN.
Dec 20 2001
7:52 AM In Play Calpine (CPN) 14.69: Lehman ups price target to $23 from $10 and FY02 estimate to $2.30 from $2.16 after Calpine sells $1 bln in senior convertible debt last night; says sale provides needed liquidity and partially restores investor confidence.
Dec 19 2001
6:34 PM In Play Calpine (CPN) 14.69 +0.69: -- Update -- Announces sale of $1 billion of 4% convertible senior notes due 2006 in a private placement. Proceeds from offering will be used to retire the company's zero-coupon convertible debentures due 2021.
Dec 19 2001
10:20 AM In Play Strong Stocks : Individual names demonstrating early strength include credit card issuers
Dec 19 2001
6:42 AM In Play Calpine (CPN) 14.00: Co plans to sell $400 mln of convertible debentures due 2006 in a private placement. Proceeds from the offering will be used to repurchase a portion of the company's zero-coupon convertible debentures due 2021.
Dec 17 2001
8:15 AM In Play Calpine (CPN) 13.20: Co responds to Moody's downgrade. CPN reaffirms that operations are not significantly affected by the recent change of Moody's Investors Service rating to Ba1 from its Baa3 rating. 'The Moody's downgrade does not trigger any defaults under the company's credit agreements and will have no material impact on credit requirements in its power sales agreements.'
Dec 14 2001
5:26 PM In Play Calpine (CPN) 13.20 -2.85: -- Update -- Moody's completes review, lowers senior unsecured rating for company to Ba1 from Baa3, lowers affiliates' ratings accordingly.
Dec 14 2001
2:47 PM In Play Calpine (CPN) 13.38 -2.67 (-16.6%): -- Update -- CIBC downgrades to BUY from Strong Buy, due to liquidity concerns; firm sees book value at $9.25, and could potentially be an acquisition candidate (i.e. not an ENE situation). Price target is $20.
Dec 14 2001
2:08 PM In Play Calpine (CPN) 13.41 -2.64 (-16.5%): -- Update -- Fitch places co's 'BBB' rating of the senior unsecured debt on Ratings Watch Negative; says while co's operating fundamentals are sound, the financial profile is aggressive, and is not consistent with the current mkt environment. Based on co's strong asset portfolio and long-term output contracts, thinks that if rating were changed, most likely outcome would be 'BB+' or 'BB.'
Dec 14 2001
8:47 AM In Play Calpine (CPN) 16.05: Co's euro 8.375% euro bond due October 2008 fell three points to 81% of face value after Moody's said it may cut the company to 'junk'' status on funding concerns. (Reuters)
Dec 13 2001
5:18 PM In Play After Hours Movers : Prices vs 4 pm ET close... CPN -2.80 getting hit hard after Moody's places company on review for credit downgrade. ORCL -0.49 extending intial losses mildly behind in line quarterly results. PCYC -11.39 much lower on announcing unfavorable Phase III trial results.
Dec 13 2001
4:48 PM In Play Calpine (CPN) 16.05 +0.14: -- Update -- Moody's places Calpine on review for downgrade.
Dec 13 2001
12:25 PM In Play Tyco Intl (TYC) 54.42 -1.53 (-2.7%): -- Update -- Merrill Lynch and Lehman defending TYC, saying that concerns about exposure to CPN are overblown: Tyco Capital earlier in the year announced an $800 mln financing deal with CPN, but remaining $167 mln is backed by hard assets, and additional $115 mln of asset-backed financing with CPN or CPN custs has only $35 mln which could be potentially at risk, and is well covered. Merrill Lynch reiterates Strong Buy rating, and Lehman says co is very well-positioned for 2002 and 'way undervalued'.
Dec 12 2001
2:57 PM In Play Calpine (CPN) 14.55 -0.95 (-6.1%): -- Update -- Co purchases $122 million in aggregate principal amount of its Zero Coupon Convertible Debentures due April 2021 in open-market and privately negotiated transactions. 'These purchases reaffirm our commitment and position that Calpine has sufficient liquidity to meet our current and ongoing capital requirements.'
Dec 12 2001
12:12 PM In Play NRG Energy (NRG) 11.23 -1/49 (-11.7%): One of several energy company's under heavy selling pressure today: CPN (-20%), MIR (-13.5%), DYN (-12%), WMB (-9.5%). NRG says it is not aware of any reasons specific to NRG to explain the current stock market activity. Plans to affirm its sound business model and practices later today in a press release.
Dec 12 2001
11:27 AM In Play Shaw Group (SGR) 21.81 -2.94 (-11.9%): Merrill Lynch defends SGR, believes there is no fundamental weakness for stock's weakness today and that shares are probably trading in sympathy with other generating stocks such as CPN; SGN does very little biz with CPN, and the real risk over the medium- to long-term is that generators could be shut out of the capital mkts, leading to lower capex.
Dec 12 2001
10:20 AM In Play Calpine (CPN) 10.65 -4.85 (-31.3%): Co's risk rating was lowered this morning by Merrill Lynch to HIGH from Above Average due to increased volatility of the stock and depressed levels of co's bonds. Firm maintains its Strong Buy rating on CPN based on the expectation of a couple of positive developments near term.
Dec 10 2001
4:08 PM In Play Calpine (CPN) 17.79 -3.58: -- Update -- Company announces it will hold a conference call at 4:30 p.m. EST to respond to what the company is characterizing as inaccuracies in the December 9 article published in The New York Times; the call is available in listen-only mode by calling 1-800-322-9079 five minutes prior to the start of the conference call; international callers should dial 1-973-872-3100. In addition, Calpine will simulcast the conference call live via the Internet. The webcast can be accessed on the investor relations page of Calpine's website at www.calpine.com
Dec 10 2001
12:08 PM In Play Power Downgrade : Unregulated power sub-sector under pressure this morning after pre-market downgrade by Morgan Stanley to Mkt Weight from Overweight. Firm also resetting ratings on all stocks in the group (CPN, MIR, NRG, RRI) to Neutral. According to firm, incremental news flow is negative, EPS in '03 is uncertain, and risks are high.
Nov 29 2001
8:30 AM In Play Calpine (CPN) 21.10: Company confirmed that it currently has no net exposure with Enron and its subsidiaries. A netting agreement is in place, allowing Calpine to offset the amounts owed by Enron with the amounts Calpine owes Enron.
Nov 6 2001
1:26 PM In Play Calpine (CPN) 24.80 +0.89 (+3.7%): Announces it has completed a transaction with Bechtel Enterprises Holdings in which it has acquired Bechtel's 50% interest in the Calpine/Bechtel Joint Development energy center projects; total consideration for the transaction includes a cash payment of approximately $154 million and the assumption of approximately $141 million of debt. As a result of this transaction, Calpine will add more than 1,000 megawatts of capacity to its San Francisco Bay Area portfolio.
Oct 25 2001
9:19 AM In Play Calpine (CPN) 23.65: Reports Q3 (Sep) earnings of $0.88 per diluted share, $0.01 better than the First Call consensus of $0.87; revenue rose 292% to $2.9 bln vs the year ago of $744.8 mln and the consensus of $3.2 bln. For FY01 expects EPS of $2.00-$2.05 per share (consensus $2.03).
Sep 28 2001
9:08 AM In Play Calpine (CPN) 19.75: Announces that it is on track to meet previously forecasted FY01 EPS of $2.00-2.05.
Aug 9 2001
8:54 AM In Play Calpine (CPN) 30.10: CIBC World Markets reports that CPN management is refuting rumors of a planned convertible offering and that company's California contracts will be renegotiated. Firm also notes that power prices have spiked over the past week... CPN shares fell yesterday to just above its 52-week low of $29.
Aug 8 2001
1:52 PM In Play Calpine (CPN) 30.39 -2.49 (-7.6%): Issue being hit by a rumor that the power producer is planning to come to market with a convertible offering.
Jul 24 2001
8:50 AM In Play Salomon on Gas/Power : Salomon Smith Barney downgrades the following stocks to OUTPERFORM from Buy with price target cuts in parentheses: WMB (54 to 40), NRG (40 to 27), CPN (70 to 48), AYE (60 to 50), PEG (60 to 52), UCU (36 to 35). Also cuts targets on: ETR (48 to 42), PCG (29 to 17), EPG (85 to 65), EXC (80 to 70), FPL (65 to 60), PPL (65 to 60), XEL (36 to 32); maintains bullish view on companies not leveraged to power prices, with top picks: DYN, ENE.
Jul 9 2001
8:20 AM In Play Calpine (CPN) 42.62: Banc of America Securities upgrades to STRONG BUY from Buy with a $75 price target; cites positive resolution to PG&E talks, limited exposure to potential refunds to California ISO, and expected positive news flow.
Jul 6 2001
10:19 AM In Play Calpine (CPN) 41.48 +4.12 (+11%): Lehman expects Saltend Energy acquisition to add 3 cents to 2001 earnings and 8 cents to 2002 numbers. Based on accretion from the deal and updates to model, firm raising 2001 est. to $1.95 from $1.80 and 2002 to $2.51 from $2.31.
Jun 25 2001
9:51 AM In Play Calpine (CPN) 38.60 +0.90 (+2.4%): Merrill Lynch looking for a Q2 preannouncement this week indicating recurring earnings of $0.30 or higher, with full-year 2001 earnings of $1.95-$2.00. Current consensus estimates for the periods are $0.30 and $1.89. Views CPN as the best positioned CA generator with respect to impact of FERC mitigation plan.
Jun 1 2001
7:53 AM In Play In the Media : The latest Business Week suggests that Informix (IFMX 4.70) may be undervalued at 2x sales; also says ImClone's (IMCL 49.65) cancer drug has potential for $1 bln in annual sales. The Wall St Journal Heard on the Street column questions Calpine's (CPN 49.30) accounting for its potential losses related to PG&E's bankruptcy.
Apr 9 2001
00:16 AM In Play Calpine (CPN) 47: Calpine could fall further this morning (stock fell 7% on Friday) after report in WSJ, which noted that company had yet to set up reserves for bad PG&E debts. Though company claims it can recover all of the $297 million that PG&E owed it as of March 9, several analysts are less sure and caution investors to be prepared for significant charges to earnings in coming months.
Apr 6 2001
3:24 PM In Play Pacific Gas Exposure : Morgan Stanley puts the exposure of each generator to California at the following: DUK - $400 mln... MIR -$385 mln... REI --$370 mln... CPN - $300 mln... DYN - $300 mln... NRG -$217 mln.
Mar 30 2001
1:33 PM In Play PG&E Damage : In addition to EIX, some other stocks getting hit by the PG&E news are companies that have sold it power: DKE -0.25, CPN -0.11; also being watched closely are banks with exposure: C -0.41, BAC +1.04; still unlikely, however, that the state will let PCG or EIX declare ch. 11.
Mar 30 2001
8:33 AM In Play Calpine (CPN) 55.92: Merrill Lynch raises estimates after yesterday's analyst meeting; FY01 raised from $1.60 to $1.90, FY02 from $2.00 to $2.40. 5-year EPS growth rate projection is now a range of 30%-35%. 12-month price target is $78, up from $60.
Mar 29 2001
11:26 AM In Play Calpine (CPN) 50.92 -1.96 (-3.7%): Expects 2001 results to exceed forecasts. Puts full yr EPS at $1.80 vs previous estimates of $1.50; sees Q1 earnings of $0.20-$0.25 (mean $0.13).
Feb 9 2001
10:22 AM In Play Conference Calls : Power-One (PWER) today at 11 ET: 877-679-9054, replay 800-615-3210 #4988648. Also, Calpine (CPN) at 10:30 ET: 800-865-4460 regarding acquisition of Encal.
Feb 7 2001
10:28 AM In Play Calpine (CPN) 41.34 +1.71 (+4.3%): Enters fixed price contract to provide the State of California Department of Water Resources with power over the next 10 years. The contract is valued at $4.6 bln.
Jan 10 2001
3:13 PM In Play California Energy Crisis : Goldman Sachs believes that there is significant upside to the Independent Power Producers; does not believe specifics of the deal are important for the IPPs as long as the utilities are kept solvent.... Firm ranks the stocks in this order: CPN (15 pts of upside), NRG (5-7 pts upside), SOE (5-7 pts upside), DYN (10 pts upside); would be a buyer ahead of resolution of issue.
Jan 5 2001
12:57 PM In Play Calpine (CPN) 35 1/2 +3 (+9.2%): Stock rallies on news independent power company is raising its Dec. qtr earnings view to approx. $0.30 (First Call mean $0.24); the company also increases its EPS view for 2001 to approx. $1.25 (First Call mean $1.20).
Dec 21 2000
3:46 PM In Play Salomon on Power Producers : Expectations for a rate increase in California over the very short term have dimmed but firm feels that retail rate increase is possible; would look to buy CPN and DUK on further declines.
Nov 28 2000
8:34 AM In Play S&P Adjustments : Calpine Corp (CPN) to be added to the S&P 500 Index, after the close of trading Thursday. Advanced Fibre (AFCI) and Emmis Communications (EMMS) will join the S&P MidCap 400, replacing MRCH and FMO. The stocks are being removed from the Index due to 'lack of representation.'
Nov 22 2000
2:15 PM In Play Calpine (CPN) 33 15/16 -1 1/8 (-3.2%): Natural gas producer denies reports that it is shutting down any of its California gas-fired power plants. Company says fas-fired facilities are operating at full capacity. Attempting to stabilize above recently penetrated 200 day simple ma (33 5/8).
Nov 14 2000
3:49 PM In Play Splits : Tomorrow, the following stocks will begin trading on a split-adjusted basis: CPN. See our Splits Calendar for more dates, ratios and a complete calendar.
Sep 22 2000
8:20 AM In Play Morgan Defensive Plays : Morgan Stanley Dean Witter likes the drug (AHP, PFE, PHA), tobacco (GIS, MO), and utility (DUK, PEG, CPN) groups as a defensive plays on Intel earnings warning.
Jun 26 2000
5:41 AM In Play Calpine Corp (CPN) 58 1/2 : Company has agreed to buy one competing power producer and to set an asset deal with another in deals that could add as much as 15,000 megawatts of generation to its holdings by 2004 -- a 60% increase from previous expansion plans, the WSJI reported Monday.
Jun 8 2000
3:32 PM In Play Splits : Tomorrow the following stocks will begin trading on a split-adjusted basis: CPN, CAKE and KPN. See our Splits Calendar for more dates, ratios and a complete calendar.
Nov 23 1999
10:06 AM In Play Network Access Solutions (NASC) 26 7/16 +3 5/16: Broadband solutions company announced it is working with Cisco Systems to offer businesses enhanced business-class Internet access services. NAS has also been awarded Cisco Powered Network (CPN) certification... vol 359k; intraday high 30.
Oct 7 1999
3:22 PM In Play Earnings/Splits : After the close today, Biogen (BGEN estimate $0.37) will report earnings. Tomorrow, before the open, Consolidated Papers (CDP est $0.16) will report earnings and Dendrite Intl (DRTE), Calpine Corp (CPN) and NTL Inc (NTLI) will begin trading on a split adjusted basis. |
