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Gold/Mining/Energy : Swing Trading Toronto Stock Exchange Listed Stocks
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To: Eva who wrote (2760)12/20/2001 11:33:21 AM
From: Vitalsigns   of 2773
 
JPM and C (Citigroup) are 2 stocks thatg must be watched closely , they have very high leverage due to their increased use of derivatives which can kill a company quick when it goes against them. even Fuel Cell Tech is afffected by Enron collapse. This is not over yet, more skeletons in the closet to come out yet.

07:21 ET JP Morgan Chase (JPM) 38.00: Discloses that it has initiated litigation against several major insurance companies seeking payment under Enron-related surety bonds. At issue is approx. $1.1 bln, of which JPM is owed roughly $965 mln. Also reveals that a European financial institution has failed to make payment to JPM on a $165 mln letter of credit backing an Enron-related swap contract.

08:51 ET JP Morgan Chase (JPM) 38.00: -- Update -- Prudential reiterates its SELL rating on the stock; says increased exposure to Enron highlights hidden credit exposure.

08:12 ET FuelCell Energy (FCEL) 13.76: Goldman Sachs slashes sales forecasts after yesterday morning's earnings report; cuts 2002 sales to $52 mln from $144 mln and 2003 to $170 mln from $290 mln; 2002 EPS estimate goes to ($0.95) from ($0.30) and 2003 to ($0.70) from ($0.20); cites product delays and loss of distribution partnership with Enron (ENE).
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