Energy stocks continue higher
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Elsewhere in the energy complex, renewed investor confidence prompted energy stocks to trade mostly higher, just as they have all week.
"We have seen a major reversal in the IPP (independent power producer) stocks, as investor sentiment has moved from broad concern over bankruptcy risk to an assumption of ongoing financial viability," Goldman Sachs analyst Jonathan Raleigh said in a note Thursday.
While the group still has upside potential from current valuations, these stocks likely will continue to be extremely volatile, he said, noting that Calpine, Mirant and Reliant Resources are the most attractive among the IPPs and that each of those stocks could trade above $20 a share sometime in 2002.
Shares of Calpine (CPN: news, chart, profile) tacked on 90 cents to $11.77, carrying forward after a nearly 19 percent climb a day earlier.
Shares of Williams Cos. (WMB: news, chart, profile) also added 24 cents to $20.52, while Mirant (MIR: news, chart, profile) climbed by 79 cents to stand at $12.79 and Reliant Resources (RRI: news, chart, profile) tacked on 29 cents to $13.34.
Meanwhile, shares of Enron (ENRNQ: news, chart, profile) traded at 24 cents, down 2 percent.
Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco. |
