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Gold/Mining/Energy : CPN: Calpine Corporation -- Ignore unavailable to you. Want to Upgrade?

To: Don S.Boller who wrote (157)	12/7/2001 3:58:41 AM
From: Raymond Duray	Respond to of 555

Hi Don, Re: Stock may have hit at least a temporary bottom... In view of the ENE debacle and CPN's exposure to that and the general skittishness in the energy trading world as well as a California electricity market that is in surplus, I'm wondering what the driving forces might be to get this one to head toward the upper RH corner of the chart again? I'm thinking, just off the top o' the noggin' that this might be dead money for a while. Just spekulatin', Ray :)

To: Don S.Boller who wrote (157)	12/7/2001 4:22:39 AM
From: Raymond Duray	Read Replies (1) \| Respond to of 555

Don, I just ran across this interesting tidbit from theStreet.com: thestreet.com <Snip> Chris Edmonds: Bryan, there have been some big changes in power prices and demand in the last several months, which has lead you to also be short Calpine, one of the largest independent power producers. What don't you like about Calpine? Bryan Dutt: There was a beautifully conceived idea from '95 to 2000 when the U.S. was clearly underpowered. That is now over. Calpine still believes in the tremendous growth pattern and the company has sold that to Wall Street. The U.S. is going to be overpowered. You'll see a tremendous number of cancellations. Calpine has a lot of capital requirements because of its growth pattern. It is short roughly $3 billion in capital funds over the next 12 months. The company has a weak balance sheet. It has bought some natural gas properties in Canada where management has recently left. The company will have some writedown in natural gas acquisitions. It has a tremendous number of red flags to address. <End Snip>