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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: Sir Auric Goldfinger who wrote (7306)	12/22/2000 5:51:12 PM
From: Paul M.	Read Replies (1) \| Respond to of 19428

Sir Auric...re:GSPN Do you think GSPN will tank by year end (next week). I have a funny feeling this one could settle around $15 or so. Thanks

To: Sir Auric Goldfinger who wrote (7306)	12/22/2000 7:30:13 PM
From: who cares?	Read Replies (1) \| Respond to of 19428

Does the black box think we put in a real bottom or is this just the second bounce of the dead cat bounce? Maybe even third bounce if you go back to the spring. CMB

To: Sir Auric Goldfinger who wrote (7306)	12/22/2000 9:46:32 PM
From: RockyBalboa	Read Replies (2) \| Respond to of 19428

Auric, any comments? Related Quotes EIX PCG Wednesday December 20, 4:56 pm Eastern Time Calif. utilities risk imminent default, S&P warns (UPDATE: Recasts, adds details, background. Adds byline) By Jonathan Stempel NEW YORK, Dec 20 (Reuters) - Pacific Gas & Electric Co. and Southern California Edison are at grave risk of default and bankruptcy within weeks, and are likely to see their high credit ratings fall to low junk grades if they do not get regulatory help by Friday, credit rating agency Standard & Poor's said on Wednesday. ``S&P is prepared to take dramatic rating action,'' said Richard Cortright, an S&P analyst, in a conference call. ``The ratings are expected to drop deeply into speculative grade to reflect the likelihood of imminent default.'' The agency assessed the situation as the California Public Utilities Commission prepared to meet Thursday to consider whether to allow Pacific G&E and Southern California Edison to pass on at least some of their skyrocketing wholesale electricity costs to consumers. Shares of PG&E Corp.(NYSE:PCG - news), the parent of Pacific G&E, closed Wednesday on the New York Stock Exchange at $20-15/16, down $1-7/16, or 6.42 percent. Shares of Edison International (NYSE:EIX - news), the parent of Southern California Edison, closed at $17-7/8, down $1-1/8, or 5.92 percent. The utilities operate under a rate freeze through March 2002, and are also unable to negotiate long-term supply contracts. These factors expose them to the vagaries of the volatile spot power market. Wholesale power recently cost more than $1,400 per megawatt hour, a more than 40-fold increase over the $35 per megawatt hour rate last year. California imposed the rate freeze as part of its deregulation of the utilities sector, which was intended to promote competition and consumer choice. Among the options the commission has to remedy the situation are a hike in the utilities' price caps. Even that, however, would constitute a ``band-aid on a bullet wound,'' said Ron Barone, who leads S&P's utility group and also participated in the conference call. Californians have already been warned to cut back their energy use, and that they may be subject to rolling blackouts. Cortright said unless the commission offers the utilities significant regulatory relief, Pacific G&E and Southern California Edison will be dependent on the capital markets for cash infusions, if any are available. ``There are bills that are coming due in January and February,'' he said. ``We would be naive to think that the capital markets are going to open their doors to satisfy (their needs) in the current environment.'' ``To be frank,'' he added, ``we are amazed that events have been permitted to reach anywhere near this critical stage. It truly is unfathomable. We really do need some emergency actions taken now.'' Pacific G&E last completed a big bond sale in October, selling $1.35 billion of bonds. Southern California Edison and its parent, Edison International, sold an equivalent amount in early November. Both companies carry ``A-plus'' corporate credit ratings and ``single-A'' senior unsecured debt ratings. Pacific G&E's secured debt carries an ``AA-minus'' rating. Those ratings are considered mid to high investment grades. One trader said Southern California Edison's debt began on Tuesday being quoted by price, like junk bonds, instead of by the extra yield they offer relative to similar maturity U.S. Treasuries, like investment-grade bonds. Its 5.875 percent notes maturing in September 2004 were quoted Wednesday at about 87 cents on the dollar, yielding about 11.3 percent to maturity. No price quotation was immediately available on Pacific G&E's debt.