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To: Mr. Big who wrote (2394)	6/20/2001 12:31:27 AM
From: rupers	Respond to of 6873

FCEL - Merrill Lynch Just to piggyback on what Mr Big posted, and fwiw, below is what Merrill Lynch posted in its daily news & analysis newsletter today: FuelCell (FCEL, $53.80, D-1-1-9) On Trial (Sam Brothwell 212-449-9703/Christine Farkas 212-449-2088) • Shares continue to drop given concerns related to the Enron-Connecticut project. While we see a likelihood of orders from this project, which would be positive, we note that the company has other market channels and FCEL’s business plan does not depend on this project. • The hearings for the disposition of state conservation funds are underway. Remember that this fund has been collected by the state’s utilities, who are likely to question its uses. As a result, FCEL’s technology -- unfairly or fairly -- is essentially being put on trial. Today’s hearings address some of the same questions we’ve been hearing for weeks, and center around product reliability, degradation and project economics. While we agree that there has not yet been years of testing on molten carbonate fuel cells, we also believe that this project is an important stepping stone to commercialization. • We believe the concerns over this project are currently outweighing any positive stock-related news. The hearings will continue - a draft decision is not expected until late July. Company fundamentals, however, remain intact, in our view.