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To: craig crawford who wrote (379)	6/29/2001 6:47:09 AM
From: craig crawford	Respond to of 1643

Thursday June 28, 4:37 pm Eastern Time Calif. exempts oil refineries from blackouts biz.yahoo.com SAN FRANCISCO, June 28 (Reuters) - California regulators, heeding oil companies' pleas and a request from Gov. Gray Davis, on Thursday approved a plan exempting refineries from rolling blackouts during power emergencies. All five members of the California Public Utilities Commission (CPUC) approved the plan, effective Thursday, giving the state's ``fossil fuel production system'', including pipelines, the same status as hospitals and other essential facilities. A U.S. Energy Department report earlier this month warned blackouts could halt processing of up to 543,000 barrels of oil a day, about a fourth of the state's refinery output, at plants without enough backup generation to keep them running.

To: craig crawford who wrote (379)	6/29/2001 6:56:13 AM
From: craig crawford	Read Replies (1) \| Respond to of 1643

Thursday June 28, 12:00 pm Eastern Time RESEARCH ALERT-Merrill cuts Inco 2001, 2002 estimates biz.yahoo.com NEW YORK (Reuters) - Merrill Lynch said Thursday analyst Daniel Roling had reduced his earnings estimates for nickel producer Inco Ltd. (NYSE:N - news) (Toronto:N.TO - news) to reflect Merrill's lower forecasts for copper and palladium prices. Reiterating his buy rating on the shares, the analyst said he lowered his 2001 earnings per share estimate to $1 from $1.36 and cut his estimate for 2002 to $1.45 from $1.69. His estimate for the current second quarter is 20 cents per share, compared with 24 cents in the first quarter and 51 cents in last year's second quarter. He wrote that ``shares of Inco remain undervalued, presently trading at 11.7 times our revised 2002 earnings per share estimate.'' Inco shares were up 4 cents to $17 after an hour of trading on the New York Stock Exchange. The stock reached its 2001 high of $20.60 on May 21.