enron mentions uk : enron threatens double hit to credit tool market .
reuters english news service , 11 / 29 / 01
uk : enron europe splits from u . s . parent .
reuters english news service , 11 / 29 / 01
usa : update 1 - enron may not pay previously declared dividends .
reuters english news service , 11 / 29 / 01
usa : u . s . stocks set to open flat to a little up .
reuters english news service , 11 / 29 / 01
uk : enron europe not seen in default on energy trade .
reuters english news service , 11 / 29 / 01
usa : update 1 - enron may not pay previously declared dividends .
reuters english news service , 11 / 29 / 01
uk : enron says enrononline switched back on .
reuters english news service , 11 / 29 / 01
usa : dominion says enron credit exposure $ 11 mln .
reuters english news service , 11 / 29 / 01
analyst : enron to have minimal material impact on brokers
dow jones news service , 11 / 29 / 01
enron ' s demise leaves counterparties with tough choices
dow jones international news , 11 / 29 / 01
enron - dynegy merger collapse roils europe ' s power mkts
dow jones energy service , 11 / 29 / 01
usa : enron shares fall anew , trading partners also down .
reuters english news service , 11 / 29 / 01
repeat : enron bankruptcy may lead to losing brazil assets
dow jones international news , 11 / 29 / 01
s replaced by nvidia
dow jones news service , 11 / 29 / 01
 volume rises 65 % vs . month ago
dow jones energy service , 11 / 29 / 01
duke energy halts trading with enron
dow jones news service , 11 / 29 / 01
northern border / enron - 2 : pipeline has 2 . 8 % rev exposure
dow jones energy service , 11 / 29 / 01
fall of enron rattling nordic electricity market
dow jones international news , 11 / 29 / 01
enron ' s demise leaves counterparties with tough choices
dow jones international news , 11 / 29 / 01
europe fin services cos to take small hit from enron
dow jones international news , 11 / 29 / 01
dollar under pressure on u . s . economic woes , enron situation
dow jones business news , 11 / 29 / 01
electrabel says exposure to enron " insignificant "
dow jones international news , 11 / 29 / 01
duke energy confident energy sector will remain strong ; halts trading with enron
pr newswire , 11 / 29 / 01
dominion reports that enron exposure not expected to affect earnings forecast
business wire , 11 / 29 / 01
s & p lwrs rtg on yosemite ' s 2000 - a linked enron notes
business wire , 11 / 29 / 01
northern border partners reassures investors regarding enron exposure
pr newswire , 11 / 29 / 01
uk : enron threatens double hit to credit tool market .
by tom bergin
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
london , nov 29 ( reuters ) - the credit derivatives market faced a double threat from troubled u . s . energy trader enron on thursday , leaving dealers divided on whether the rapid growth of the market might be at risk .
enron ' s troubles impact the market through credit derivatives contracts written on the company , which would be triggered if it files for bankruptcy protection , and through deals transacted by its enron credit subsidiary , which specialised in trading credit protection on third parties .
credit derivatives are insurance - like tools that allow investors to hedge or gain the risk of an issuer defaulting on a loan or bond . default swaps , the most liquid type of credit derivative , involve the buyer paying the protection seller an annual premium , measured in basis points .
accountants said they had been appointed administrator to enron ' s european division on thursday . some dealers predicted that if enron goes under , the credit derivative contracts on enron and entered into by enron would be unwound in an orderly way .
" it will be another good example of how the market does work . . . it will regain people ' s confidence in the market , " said guy america , vice president for credit derivatives at j . p . morgan chase in london .
image problem
however , other dealers predicted a messy conclusion .
" the impact is clearly a loss of confidence in the credit derivative market overall , " said a default swaps trader with a european bank .
the most recent corporate failure to trigger a large number of default swaps , that of u . k . rail operator railtrack , resulted in banks calling in lawyers to see if they had to pay out on certain obligations .
dealers said enron was an actively traded name in the default swaps market , mainly in new york . as a privately negotiated market , it is difficult to get accurate figures for the value of contracts outstanding on enron , however , dealers said well over a billion dollars of protection on enron had been written .
" ( it was ) one of the benchmark names for the us credit ( derivative market ) . . . so you can guess that a lot of people were involved in this credit through default swaps , " said the european bank trader .
uncertain credit insurance
potentially more damaging for the credit derivatives market is the failure of enron credit . the subsidiary specialised in selling credit risk mitigation tools to companies who wanted to hedge against customers going bankrupt and failing to pay .
if end - users now find the derivatives they bought no longer give them the level of credit protection they expected , it may make it harder for banks in future to convince more of their customers to start using the tools .
on the back of demand from end - users , enron credit was active in the inter - dealer default swaps market . a filing for bankruptcy by enron corp . could trigger settlement on all the contracts into which enron credit entered .
this would involve a large number of contracts and dealers say this would be concentrated among the limited circle of banks , mainly enron corp . s bank lenders , which accepted enron credit as a dealing counterparty .
" it was not broadly accepted as a counterparty , " said one dealer , who added that he hadn ' t seen the firm in the market since october .
lenders face biggest loss
however , most dealers concur that any losses the banks might incur on credit derivatives contracts would be small compared to potential lending losses .
" counterparty losses would be dwarfed by direct lending exposure , " said the head of credit derivatives at a euroepan bank .
dealers said some banks had looked at taking on the enron credit trading book but that this now looked unlikely .
" the banks that were involved in trying to rescue the bank recently . . were also involved in overlooking their credit book and potentially making a bid to take it into their own book , " said one trader .
shares in enron fell 85 percent to 61 cents after a rescue deal by smaller rival dynegy inc fell apart on wednesday . on thursday the company said it may not pay previously declared dividends .
copyright ? 2000 dow jones & company , inc . all rights reserved .
uk : enron europe splits from u . s . parent .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
london , nov 29 ( reuters ) - enron ' s european business said on thursday it has been operating separately from its u . s . parent company since wednesday when headquarters in houston stopped cash tranfers to the european trading business .
accountants in london were appointed administrators on thursday to the european operation of crisis - hit enron .
" effectively london is operating separately . the european operation gets cash from houston to trade - they stopped giving us cash yesterday , " said an enron europe spokesman .
he said the administration order covered mainly the european wholesale trading business which is based in london .
it does not cover seven separate businesses belonging to enron in the uk , including the teesside power station and regional water utility wessex water , as well as enron ' s european assets .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : update 1 - enron may not pay previously declared dividends .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , nov 29 ( reuters ) - beleaguered energy trader enron corp . said on thursday it might not pay previously declared dividends on its various stock issues , in an effort to preserve the value of its core trading and marketing business .
houston - based enron said the dividends in question are those on its common stock , cumulative second preferred convertible stock , enron capital llc 8 percent cumulative guaranteed monthly income preferred shares , and enron capital resources lp series a 9 percent cumulative preferred securities .
enron shares closed at a new low of 61 cents on the new york stock exchange in trading on wednesday , the same day that hometown rival dynegy inc . decided to walk away from its planned purchase of the company .
the major credit rating agencies slashed their ratings on enron ' s bonds to junk status , also on wednesday , triggering expectations that enron would be forced into bankruptcy .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : u . s . stocks set to open flat to a little up .
by haitham haddadin
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 29 ( reuters ) - stocks are set to open flat to slightly higher on thursday following some upbeat corporate outlooks , but mixed economic data and the aftermath of the near - collapse of energy trader enron corp . could affect trading .
enron , teetering on the brink of one of the biggest corporate implosions in u . s . history , plunged 85 percent in frenzied trading wednesday . it dragged on the market as investors also sold amid worry that a rally from sept . 21 lows reached in the wake of the attacks on the united states was overdone .
" the enron collapse may have significant ramifications on banks and other energy companies where contracts with enron may now not be honored . and the enron equity may be worthless , " said alan ackerman , market strategist with brokerage fahnestock & co .
equity index futures were up but at one point off earlier highs after the release of data at 8 . 30 a . m . ( 1330 gmt ) that showed a rise in jobless claims but also a rise in durable goods orders .
" there was a mixed response . we saw an encouraging number in the durable goods but it ' s too early to see this as a sustained trend up and layoffs continue to be a real concern , " ackerman added .
the number of americans lining up for first - time jobless benefits rose by 54 , 000 last week , exceeding wall street expectations and showed continued weakening in the u . s . labor market . the data showed the number of so - called continued claims rose by 301 , 000 to 4 . 02 million for the week ended nov . 17 , the biggest one - week increase in 27 years .
orders for costly u . s . durable goods surged at the fastest rate on record in october by 12 . 8 percent to $ 184 . 8 billion , led by huge increases in orders for aircraft and defense capital goods . the data may help rekindle hopes that the economy has rebounded since the sept . 11 attacks .
equity index futures suggested a largely flat to slightly higher open . december futures for the s & p 500 index rose 1 . 70 points to 1 , 130 . 80 while futures for the nasdaq 100 added 8 points to 1 , 567 . futures for the dow jones industrials gained 7 points at 9 , 720 .
other indicators flagged a mildly higher open . the indicative dow jones industrial average , which is based on prices of dow stocks trading in germany ' s deutsche boerse u . s . market segment , rose 45 . 95 points , or 0 . 47 percent , to 9 , 757 . 81 .
the nasdaq - 100 premarket indicator was up 9 . 2 points , or 0 . 59 percent , based on trading ahead of the open in the tech - heavy index ' s biggest stocks .
hand - held computer maker palm inc . rose in extended - hours trading on wednesday and pre - open trade on thursday after the company said it expects to meet estimates . palm rose to $ 3 . 7 pre - open from its nasdaq close of $ 3 . 41 .
storage networking company brocade communications systems inc . rose to $ 30 . 30 ahead of the open from a close at $ 28 . 82 . the company reported quarterly operating profits fell sharply as the slower economy kept many corporate buyers on the sidelines , although the results beat wall street forecasts .
enron , which finished at 61 cents on wednesday , was a little higher in pre - open trading , at 69 cents . enron sank wednesday after rival dynegy inc . pulled out of its planned $ 9 billion takeover of the beleaguered energy trader . credit rating agencies slashed enron ' s bonds to junk status and shoved the once mighty company another step closer to bankruptcy .
enron squeezed other energy traders and financial giants citigroup inc . and jp morgan chase & co . inc . , which may suffer losses of more than $ 400 million combined on their lending to the energy trading group , according to at least one analyst .
on wednesday , the blue - chip dow jones industrial average surrendered 160 . 74 points , or 1 . 63 percent , to 9 , 711 . 86 , the largest drop in about a month and the lowest close since nov . 12 . the broader standard & poor ' s 500 index slid 20 . 98 points , or 1 . 83 percent , to 1 , 128 . 52 . the technology - laced nasdaq composite index dropped 48 points , or 2 . 48 percent , to 1 , 887 . 97 .
in other pre - open activity , software provider freemarkets inc . rose after raising its quarterly revenue and profit outlook after several large customers renewed long - term contracts . shares rose to $ 16 . 20 from a close of $ 13 . 59 .
h & r block inc . , the no . 1 u . s . tax preparer , rose to $ 37 . 25 on the instinet trading system after closing at $ 36 on the new york stock exchange . the company raised its profit forecasts for the current fiscal year as its second - quarter loss narrowed , helped by new accounting rules and strong mortgage business performance .
copyright ? 2000 dow jones & company , inc . all rights reserved .
uk : enron europe not seen in default on energy trade .
by raj rajendran
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
london , nov 29 ( reuters ) - beleaguered u . s . energy trader enron so far has not defaulted on any of its over - the - counter energy swap contracts in europe , dealers said on thursday . but many in the trading community have arranged alternative trades to cover their exposure as news emerged that enron had sought protection from its creditors and appointed accountant as administrator .
enron stands on the brink of bankruptcy after a rescue deal with its smaller rival dynegy fell apart on wednesday . the company halted trading on its enrononline platform on the same day .
" they haven ' t had any defaults yet . but nobody ' s trading with them at the moment , " a dealer at a major oil company which had trading links with enron said .
dealers said enron had been missing from the european oil otc market for over a week and many companies had stopped trading with them a month ago as signs emerged of financial difficulties at america ' s largest energy trader .
in the oil market , enron ' s trading activities extended right across the petroleum product chain as well as various brent crude derivatives contracts .
they said the dated to front line ( dfl ) brent contract , which balances the risk of dated brent against the front - month ipe futures contract , had seen substantial activity on thursday amid speculation that some players had moved to square off their positions against exposures to enron .
" it ' s a case of closing up positions , " a brent trader said .
dealers said enron was believed to have closed positions on london ' s international petroleum exchange . the ipe declined comment .
the dealers said a shortlived price spike late on wednesday on ipe and nymex crude oil and nymex natural gas futures markets suggested a brief session of short covering .
" there was a short spell when the natural gas market was strengthening and wti moved up . one broker was doing most of the buying and most people thought he was covering for enron . but the market came straight back down , " said one futures dealer .
an spokeswoman for the ipe said its compliance department was looking at enron ' s positions on the market and had been talking with financial services authority and clearing house .
" we will be able to maintain the integrity of the market , " the spokeswoman said .
( with additional reporting by jonathan leff ) .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : update 1 - enron may not pay previously declared dividends .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , nov 29 ( reuters ) - beleaguered energy trader enron corp . said on thursday it might not pay previously declared dividends on its various stock issues , in an effort to preserve the value of its core trading and marketing business .
houston - based enron said the dividends in question are those on its common stock , cumulative second preferred convertible stock , enron capital llc 8 percent cumulative guaranteed monthly income preferred shares , and enron capital resources lp series a 9 percent cumulative preferred securities .
enron shares closed at a new low of 61 cents on the new york stock exchange in trading on wednesday , the same day that hometown rival dynegy inc . decided to walk away from its planned purchase of the company .
the major credit rating agencies slashed their ratings on enron ' s bonds to junk status , also on wednesday , triggering expectations that enron would be forced into bankruptcy .
copyright ? 2000 dow jones & company , inc . all rights reserved .
uk : enron says enrononline switched back on .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
london , nov 29 ( reuters ) - enron metals ltd , the metals trading arm of u . s . energy trader enron corp , said on thursday that its enrononline screen - based trading system was switched back on after shutting down on wednesday evening .
" enrononline metals is definitely up and running , " a senior official at enron metals said .
" it was switched on around nine thirty or 10 o ' clock ( 0930 or 1000 gmt ) this morning , " he said .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : dominion says enron credit exposure $ 11 mln .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 29 ( reuters ) - dominion resources inc . on thursday said its past credit exposure to trading partner enron corp . , which is teetering on the brink of bankruptcy , is less than $ 11 million and current trading exposure is less than 5 percent of earnings .
the virginia - based natural gas and power producer also reaffirmed its earnings for this year at $ 4 . 15 per share or better , $ 4 . 90 to $ 4 . 95 in 2002 and 10 percent annual earnings growth after 2002 .
dominion earned $ 334 million , or $ 1 . 37 per share , in the third quarter of 2001 , with its independent power and natural gas subsidiary posting profits of $ 288 million .
shares of dominion fell 5 cents at $ 58 . 50 thursday on the new york stock exchange .
copyright ? 2000 dow jones & company , inc . all rights reserved .
analyst : enron to have minimal material impact on brokers
by chad bray
of dow jones newswires
11 / 29 / 2001
dow jones news service
( copyright ( c ) 2001 , dow jones & company , inc . )
new york - ( dow jones ) - salomon smith barney analyst guy moszkowski said the troubles at enron corp . ( ene ) will not have a material impact on brokerage firms ' credit and counterparty energy trading exposure .
in a research note thursday , moszkowski said the credit exposure to enron among the larger securities firms - morgan stanley ( mwd ) , merrill lynch & co . ( mer ) , goldman sachs group inc . ( gs ) , bear stearns cos . ( bsc ) and lehman brothers holdings inc . ( leh ) - is minimal and is largely hedged where it exists .
among the larger brokers , only morgan stanley and goldman sachs have " meaningful " operations in energy trading , moszkowski said .
" against the backdrop of significantly improved risk management procedures in the industry , we believe exposure to enron has been curtailed for some time now , particularly as concern regarding the firm ' s credit worthiness is hardly a new development , " moszkowski said . " however , given the sophistication and complexity of energy contracts , we believe it is fair to assume there will be some - albeit likely limited and , ultimately , immaterial - counterparty exposure at both goldman sachs and morgan stanley . "
in a research note wednesday , goldman sachs analyst richard strauss said citigroup inc . ( c ) - salomon smith barney ' s parent - and j . p . morgan chase 201 - 938 - 5293 ; chad . bray @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron ' s demise leaves counterparties with tough choices
by sarah spikes
of dow jones newswires
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones ( + 44 20 ) 7842 9345 ; sarah . spikesdowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron - dynegy merger collapse roils europe ' s power mkts
by sarah wachter
of dow jones newswires
11 / 29 / 2001
dow jones energy service
( copyright ( c ) 2001 , dow jones 331 - 4017 - 1740 ; sarah . wachter @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : enron shares fall anew , trading partners also down .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 29 ( reuters ) - shares of enron corp . renewed their relentless plunge on thursday , as energy traders and creditors assessed their exposure to the teetering company .
enron was down 24 cents , or 39 . 3 percent , to 37 cents , and topped the most active list once again on the new york stock exchange with more 19 . 1 million shares traded . the stock was valued at more than $ 33 before it started its plunge in mid - october .
shares of companies in the utility sector opened mixed on thursday , with those owed the most money from financially troubled enron losing the most ground .
the 40 - company standard & poors utility index opened slightly down . 27 points at 231 . 34 , with enron once again the top loser .
shares of rival power company dynegy inc . , which backed of a deal on wednesday to bail out enron , were down 3 . 7 percent , or $ 1 . 34 , to $ 34 . 55 .
aquila , another large trader which is 80 percent owned by kansas - based utilicorp . and that could be exposed to enron , dropped 1 . 16 percent , or 21 percent , to $ 17 . 95 .
copyright ? 2000 dow jones & company , inc . all rights reserved .
repeat : enron bankruptcy may lead to losing brazil assets
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones ( 5521 ) 9965 - 1193 , adriana . brasileiro @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
s replaced by nvidia
by karen talley
of dow jones newswires
11 / 29 / 2001
dow jones news service
( copyright ( c ) 2001 , dow jones & company , inc . )
new york - ( dow jones ) - standard & poor ' s corp . will remove beleaguered energy trader enron corp . ( ene ) from the s & p 500 index at the close of trading thursday and replace it with nvidia ( nvda ) , a designer of 3 d graphics for the personal computer market .
enron is trading down 9 cents , or 15 . 5 % , to 40 cents . there is a 12 . 5 cent dividend on enron payable today that has yet to be rescinded .
as is usually the case , s & p chose a large stock from the standard 201 - 938 - 5106 ; karen . talley @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
 volume rises 65 % vs . month ago
11 / 29 / 2001
dow jones energy service
( copyright ( c ) 2001 , dow jones & company , inc . )
new york - ( dow jones ) - the volume of trading on , an internet - based energy trading platform , rose 65 % during the last days of november compared with one month ago , the exchange said thursday .
ice is considered a primary alternative to enron corp . ' s ( ene ) internet - based commodities market , enrononline .
users of ice rose 30 % , according to the exchange ' s press release .
enrononline is different from ice because enrononline is a mechanism for companies to buy from , and sell to , enron . ice is a neutral multi - party exchange , allowing energy trading companies to trade with all other members .
ice ' s trading system , which has been installed in 7 , 000 desktops worldwide , covers 600 commodity and derivative contract types . ice also owns the international petroleum exchange of london , europes largest energy futures exchange .
ice is owned by companies including american electric power ( aep ) , aquila energy ( ila ) , bp amoco plc ( bp ) , deutshe bank ag ( g . dbk ) , duke energy corp . ( duk ) , el paso corp . ( epg ) , goldman sachs group ( gs ) , morgan stanley dean witter 201 - 938 - 4604 ; mark . golden @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
duke energy halts trading with enron
11 / 29 / 2001
dow jones news service
( copyright ( c ) 2001 , dow jones & company , inc . )
charlotte , n . c . - ( dow jones ) - duke energy corp . ( duk ) has about $ 100 million in non - collatorized exposure to financially - battered enron corp . ( ene ) , and has halted trading with the energy conglomerate .
duke energy , which affirmed annual earnings growth targets , is the latest energy company trying to quell concerns about its exposure to enron , which continues a downward spiral in new york stock exchange trading .
enron recently traded at 44 cents a share , a sharp drop from its year high of $ 66 . 10 a share in late december . the company ' s stock closed down 85 . 2 % on wednesday after announcing plans for a merger with dynegy inc . ( dyn ) fell through .
copyright ? 2000 dow jones & company , inc . all rights reserved .
northern border / enron - 2 : pipeline has 2 . 8 % rev exposure
11 / 29 / 2001
dow jones energy service
( copyright ( c ) 2001 , dow jones dow jones newswires ; 201 - 938 - 5400
copyright ? 2000 dow jones & company , inc . all rights reserved .
fall of enron rattling nordic electricity market
by frances schwartzkopff
of dow jones newswires
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones + 45 3311 1524 ; frances . . com
( maria aakerhielm in stockholm contributed to this story )
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron ' s demise leaves counterparties with tough choices
by sarah spikes
of dow jones newswires
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones ( + 44 20 ) 7842 9345 ; sarah . spikesdowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
europe fin services cos to take small hit from enron
by evelina shmukler and catherine taylor
of dow jones newswires
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones 44 - 20 - 7842 - 9268 ; evelina . shmukler @ dowjones . com
( additional reporting by bert - erik tencate in frankfurt )
copyright ? 2000 dow jones & company , inc . all rights reserved .
dollar under pressure on u . s . economic woes , enron situation
11 / 29 / 2001
dow jones business news
( copyright ( c ) 2001 , dow jones & company , inc . )
dow jones newswires
new york - - the dollar was under pressure thursday , weighed down by a combination of the federal reserve ' s somber outlook for the u . s . economy , waning u . s . consumer confidence and concerns about the financial woes of enron corp .
in morning new york trading , the euro was at 89 . 04 u . s . cents , up from 88 . 82 cents late wednesday in new york . the dollar was at 123 . 07 yen , little changed from 123 . 06 yen late wednesday .
the greenback was also at 1 . 6480 swiss francs , compared with 1 . 6465 , while sterling was trading at $ 1 . 4254 , down slightly from $ 1 . 4259 late wednesday .
the dollar managed to get a brief respite from u . s . durable goods data for october , which showed orders for big ticket items sharply rebounded by a record amount , more than reversing september ' s large drop .
but the overall tone for the dollar remains weak , amid a growing sense that the u . s . might not be able to rebound from recession as fast as previously thought .
" the dollar is a little heavy across the board , " said robert sinche , head of global currency strategy at citibank in new york . " unless you get something completely outrageous , it looks likely to remain that way . "
the dollar has fallen below key support levels against both the euro and the yen , as traders moved to liquidate a spate of long dollar positions .
while the enron situation doesn ' t have a direct effect on foreign exchange markets , analysts said that it wasn ' t helping dollar sentiment .
" the market was ripe for an unwinding of long dollar positions , " said mr . sinche . " enron . . . is the kind of situation that just acts as a catalyst . "
as is often the case , the euro ' s gains appeared to be more a result of pessimism towards the u . s . rather than any optimism about the euro zone .
the market largely shrugged off third quarter euro - zone gross domestic product data earlier thursday which came in exactly as expected : up 0 . 1 % on the quarter and 1 . 3 % on the year .
the dollar ' s direction thursday will also be influenced by u . s . shares , with prospects for a marked rebound looking slim in the wake of the enron woes .
analysts said a sustained move above the 89 cent level could set the euro up for a test of 89 . 45 cents and then 90 cents , which is expected to offer more formidable resistance .
its difficulty in making a concerted push for 90 cents is probably down to the potential outflows related to the morgan stanley capital international indexes rebalancing , and the deutsche telekom / voicestream deal .
the first phase of the new msci weightings comes into effect friday , and should involve fund managers reducing their exposure to euro zone equities .
so far , this seems to have been discounted , although it could still help to keep a lid on the euro .
the lockup period for voicestream shareholders to keep hold of their deutsche telekom shares expires dec . 1 , which could prompt them to offload the stock , in effect resulting in sizable euro - zone outflows .
benign inflation data from switzerland out earlier thursday - up only 0 . 3 % in november on the year - has paved the way for the swiss national bank to cut interest rates at its next meeting dec . 7 .
" with the market looking only for a rate cut of 25 basis points , we would expect the swiss franc to remain capped around current levels , " said ubs warburg analysts .
grainne mccarthy of dow jones newswires contributed to this article
copyright ( c ) 2001 dow jones & company , inc .
all rights reserved
copyright ? 2000 dow jones & company , inc . all rights reserved .
electrabel says exposure to enron " insignificant "
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones 331 - 4017 - 1740 ; sarah . wachter @ dowjones . com
copyright ? 2000 dow jones halts trading with enron
11 / 29 / 2001
pr newswire
( copyright ( c ) 2001 , pr newswire )
charlotte , n . c . , nov . 29 / prnewswire / - - duke energy ( nyse : duk ) today expressed confidence in the vitality of the energy sector and said it had taken steps to manage its exposure during the very serious difficulties being experienced by enron , including instituting a trading halt .
" although we didn ' t completely cease trading with enron until yesterday , in the course of our normal credit practices , we took steps to limit our exposure to enron . we currently have approximately $ 100 million in non - collaterized exposure to enron . we are closely monitoring this unfortunate situation to determine if a provision against earnings is appropriate , " said richard j . osborne , executive vice president and chief risk officer for duke energy .
osborne was referring to dynegy ' s announcement that it is terminating the merger agreement with enron and the decision by major rating agencies to downgrade enron ' s long - term debt below investment grade .
" the market is larger than any one player and is very resilient . enron ' s role and activities in the energy market have significantly diminished over the past several weeks . and , market liquidity is provided by many active trading and marketing companies that have effective risk management practices and sound capitalizations , " osborne noted .
" we at duke energy are committed to our customers and fulfilling our contracts and services without disruption . we also continue to see strong growth opportunities ahead and are extremely confident in our ability to achieve or exceed our financial targets this year and next , " osborne said .
the company remains fully committed to deliver earnings growth within its stated guidance of 10 percent to 15 percent compound annual growth in earnings per share from a base of $ 2 . 10 in 2000 . based on the strong results reported for the first three quarters of this year , duke energy had previously communicated it will likely exceed 15 percent earnings growth in 2001 . yesterday ' s developments do not change that view .
duke energy , a diversified multinational energy company , creates value for customers and shareholders through an integrated network of energy assets and expertise . duke energy manages a dynamic portfolio of natural gas and electric supply , delivery and trading businesses - - generating revenues of more than $ 49 billion in 2000 . duke energy , headquartered in charlotte , n . c . , is a fortune 100 company traded on the new york stock exchange under the symbol duk . more information about the company is available on the internet at : www . duke - energy . com .
contact : jennifer hillings epstein of duke energy , + 1 - 704 - 382 - 1221 , or 24 - hour , + 1 - 704 - 382 - 8333 .
make your opinion count - click here
/ contact : jennifer hillings epstein of duke energy , + 1 - 704 - 382 - 1221 , or 24 - hour , + 1 - 704 - 382 - 8333 / 09 : 30 est
copyright ? 2000 dow jones & company , inc . all rights reserved .
dominion reports that enron exposure not expected to affect earnings forecast
11 / 29 / 2001
business wire
( copyright ( c ) 2001 , business wire )
richmond , va . - - ( business wire ) - - nov . 29 , 2001 - - dominion ( nyse : d ) said today that it has pre - tax credit exposure to enron of $ 11 million for past sales . dominion said it has forward commodity sales contracts with enron that represent an exposure of less than 5 percent of earnings , based on today ' s forward prices . dominion reaffirmed its public operating earnings per share targets of $ 4 . 15 or better in 2001 , $ 4 . 90 to $ 4 . 95 in 2002 and 10 percent annual earnings growth after 2002 .
dominion is one of the nation ' s largest producers of natural gas and power .
contact : dominion , richmond media : mark lazenby , 804 / 819 - 2042 hunter applewhite , 804 / 819 - 2043 or analysts : tom wohlfarth , 804 / 819 - 2150 suzette mata , 804 / 819 - 2154
09 : 06 est november 29 , 2001
copyright ? 2000 dow jones & company , inc . all rights reserved .
s & p lwrs rtg on yosemite ' s 2000 - a linked enron notes
11 / 29 / 2001
business wire
( copyright ( c ) 2001 , business wire )
london - - ( business wire ) - - standard & poor ' s - - nov . 29 , 2001 - - standard & poor ' s today lowered its rating on the gbp 200 million 8 . 75 % series 2000 - a linked enron obligations issued by yosemite securities co . ltd . to ' b - ' from ' bbb - ' . concurrently , the ratings have been placed on creditwatch with developing implications .
the rating action reflects the nov . 28 , 2001 downgrade of enron corp . - - which supports yosemite securities co . - - which was prompted by standard & poor ' s concerns about the viability of the merger agreement with dynergy inc . and the liquidity implications of the possible failure of that transaction .
yosemite securities ' creditwatch developing situation reflects the possibility that enron corp . ' s ratings can move higher or lower from the ' b - ' level . if the dynergy merger or a similar transaction materializes , the rating could be upgraded .
in the absence of dynergy or another partner , the credit quality of enron could go even lower . a copy of the related press release , dated nov . 28 , 2001 , can be found on standard & poor ' s web - based credit analysis system , at www . ratingsdirect . com .
copyright 2001 , standard & poor ' s ratings services
contact : standard & poor ' s , london perry inglis , ( 44 ) 20 - 7826 - 3857 rebecca geen
08 : 13 est november 29 , 2001
copyright ? 2000 dow jones owns and operates processing plants and gathering pipelines in alberta , canada ; and transports coal - water slurry via a pipeline in the southwestern u . s . the general partners of the partnership are owned by enron corp . ( nyse : ene ) , one of the world ' s leading electricity , natural gas and communications companies and by williams ( nyse : wmb ) , who through its subsidiaries , connects businesses to energy , delivering innovative , reliable products and services . public relations contact :
beth jensen
( 402 ) 398 - 7806
investor relations contact :
ellen konsdorf
( 402 ) 398 - 7840
make your opinion count - click here
/ contact : beth jensen , + 1 - 402 - 398 - 7806 , or ellen konsdorf , + 1 - 402 - 398 - 7840 , both of northern border partners , l . p . / 08 : 05 est
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron mentions
uk : enron threatens double hit to credit tool market .
reuters english news service , 11 / 29 / 01
uk : enron europe splits from u . s . parent .
reuters english news service , 11 / 29 / 01
usa : update 1 - enron may not pay previously declared dividends .
reuters english news service , 11 / 29 / 01
usa : u . s . stocks set to open flat to a little up .
reuters english news service , 11 / 29 / 01
uk : enron europe not seen in default on energy trade .
reuters english news service , 11 / 29 / 01
usa : update 1 - enron may not pay previously declared dividends .
reuters english news service , 11 / 29 / 01
uk : enron says enrononline switched back on .
reuters english news service , 11 / 29 / 01
usa : dominion says enron credit exposure $ 11 mln .
reuters english news service , 11 / 29 / 01
analyst : enron to have minimal material impact on brokers
dow jones news service , 11 / 29 / 01
enron ' s demise leaves counterparties with tough choices
dow jones international news , 11 / 29 / 01
enron - dynegy merger collapse roils europe ' s power mkts
dow jones energy service , 11 / 29 / 01
usa : enron shares fall anew , trading partners also down .
reuters english news service , 11 / 29 / 01
repeat : enron bankruptcy may lead to losing brazil assets
dow jones international news , 11 / 29 / 01
s replaced by nvidia
dow jones news service , 11 / 29 / 01
 volume rises 65 % vs . month ago
dow jones energy service , 11 / 29 / 01
duke energy halts trading with enron
dow jones news service , 11 / 29 / 01
northern border / enron - 2 : pipeline has 2 . 8 % rev exposure
dow jones energy service , 11 / 29 / 01
fall of enron rattling nordic electricity market
dow jones international news , 11 / 29 / 01
enron ' s demise leaves counterparties with tough choices
dow jones international news , 11 / 29 / 01
europe fin services cos to take small hit from enron
dow jones international news , 11 / 29 / 01
dollar under pressure on u . s . economic woes , enron situation
dow jones business news , 11 / 29 / 01
electrabel says exposure to enron " insignificant "
dow jones international news , 11 / 29 / 01
duke energy confident energy sector will remain strong ; halts trading with enron
pr newswire , 11 / 29 / 01
dominion reports that enron exposure not expected to affect earnings forecast
business wire , 11 / 29 / 01
s & p lwrs rtg on yosemite ' s 2000 - a linked enron notes
business wire , 11 / 29 / 01
northern border partners reassures investors regarding enron exposure
pr newswire , 11 / 29 / 01
uk : enron threatens double hit to credit tool market .
by tom bergin
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
london , nov 29 ( reuters ) - the credit derivatives market faced a double threat from troubled u . s . energy trader enron on thursday , leaving dealers divided on whether the rapid growth of the market might be at risk .
enron ' s troubles impact the market through credit derivatives contracts written on the company , which would be triggered if it files for bankruptcy protection , and through deals transacted by its enron credit subsidiary , which specialised in trading credit protection on third parties .
credit derivatives are insurance - like tools that allow investors to hedge or gain the risk of an issuer defaulting on a loan or bond . default swaps , the most liquid type of credit derivative , involve the buyer paying the protection seller an annual premium , measured in basis points .
accountants said they had been appointed administrator to enron ' s european division on thursday . some dealers predicted that if enron goes under , the credit derivative contracts on enron and entered into by enron would be unwound in an orderly way .
" it will be another good example of how the market does work . . . it will regain people ' s confidence in the market , " said guy america , vice president for credit derivatives at j . p . morgan chase in london .
image problem
however , other dealers predicted a messy conclusion .
" the impact is clearly a loss of confidence in the credit derivative market overall , " said a default swaps trader with a european bank .
the most recent corporate failure to trigger a large number of default swaps , that of u . k . rail operator railtrack , resulted in banks calling in lawyers to see if they had to pay out on certain obligations .
dealers said enron was an actively traded name in the default swaps market , mainly in new york . as a privately negotiated market , it is difficult to get accurate figures for the value of contracts outstanding on enron , however , dealers said well over a billion dollars of protection on enron had been written .
" ( it was ) one of the benchmark names for the us credit ( derivative market ) . . . so you can guess that a lot of people were involved in this credit through default swaps , " said the european bank trader .
uncertain credit insurance
potentially more damaging for the credit derivatives market is the failure of enron credit . the subsidiary specialised in selling credit risk mitigation tools to companies who wanted to hedge against customers going bankrupt and failing to pay .
if end - users now find the derivatives they bought no longer give them the level of credit protection they expected , it may make it harder for banks in future to convince more of their customers to start using the tools .
on the back of demand from end - users , enron credit was active in the inter - dealer default swaps market . a filing for bankruptcy by enron corp . could trigger settlement on all the contracts into which enron credit entered .
this would involve a large number of contracts and dealers say this would be concentrated among the limited circle of banks , mainly enron corp . s bank lenders , which accepted enron credit as a dealing counterparty .
" it was not broadly accepted as a counterparty , " said one dealer , who added that he hadn ' t seen the firm in the market since october .
lenders face biggest loss
however , most dealers concur that any losses the banks might incur on credit derivatives contracts would be small compared to potential lending losses .
" counterparty losses would be dwarfed by direct lending exposure , " said the head of credit derivatives at a euroepan bank .
dealers said some banks had looked at taking on the enron credit trading book but that this now looked unlikely .
" the banks that were involved in trying to rescue the bank recently . . were also involved in overlooking their credit book and potentially making a bid to take it into their own book , " said one trader .
shares in enron fell 85 percent to 61 cents after a rescue deal by smaller rival dynegy inc fell apart on wednesday . on thursday the company said it may not pay previously declared dividends .
copyright ? 2000 dow jones & company , inc . all rights reserved .
uk : enron europe splits from u . s . parent .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
london , nov 29 ( reuters ) - enron ' s european business said on thursday it has been operating separately from its u . s . parent company since wednesday when headquarters in houston stopped cash tranfers to the european trading business .
accountants in london were appointed administrators on thursday to the european operation of crisis - hit enron .
" effectively london is operating separately . the european operation gets cash from houston to trade - they stopped giving us cash yesterday , " said an enron europe spokesman .
he said the administration order covered mainly the european wholesale trading business which is based in london .
it does not cover seven separate businesses belonging to enron in the uk , including the teesside power station and regional water utility wessex water , as well as enron ' s european assets .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : update 1 - enron may not pay previously declared dividends .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , nov 29 ( reuters ) - beleaguered energy trader enron corp . said on thursday it might not pay previously declared dividends on its various stock issues , in an effort to preserve the value of its core trading and marketing business .
houston - based enron said the dividends in question are those on its common stock , cumulative second preferred convertible stock , enron capital llc 8 percent cumulative guaranteed monthly income preferred shares , and enron capital resources lp series a 9 percent cumulative preferred securities .
enron shares closed at a new low of 61 cents on the new york stock exchange in trading on wednesday , the same day that hometown rival dynegy inc . decided to walk away from its planned purchase of the company .
the major credit rating agencies slashed their ratings on enron ' s bonds to junk status , also on wednesday , triggering expectations that enron would be forced into bankruptcy .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : u . s . stocks set to open flat to a little up .
by haitham haddadin
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 29 ( reuters ) - stocks are set to open flat to slightly higher on thursday following some upbeat corporate outlooks , but mixed economic data and the aftermath of the near - collapse of energy trader enron corp . could affect trading .
enron , teetering on the brink of one of the biggest corporate implosions in u . s . history , plunged 85 percent in frenzied trading wednesday . it dragged on the market as investors also sold amid worry that a rally from sept . 21 lows reached in the wake of the attacks on the united states was overdone .
" the enron collapse may have significant ramifications on banks and other energy companies where contracts with enron may now not be honored . and the enron equity may be worthless , " said alan ackerman , market strategist with brokerage fahnestock & co .
equity index futures were up but at one point off earlier highs after the release of data at 8 . 30 a . m . ( 1330 gmt ) that showed a rise in jobless claims but also a rise in durable goods orders .
" there was a mixed response . we saw an encouraging number in the durable goods but it ' s too early to see this as a sustained trend up and layoffs continue to be a real concern , " ackerman added .
the number of americans lining up for first - time jobless benefits rose by 54 , 000 last week , exceeding wall street expectations and showed continued weakening in the u . s . labor market . the data showed the number of so - called continued claims rose by 301 , 000 to 4 . 02 million for the week ended nov . 17 , the biggest one - week increase in 27 years .
orders for costly u . s . durable goods surged at the fastest rate on record in october by 12 . 8 percent to $ 184 . 8 billion , led by huge increases in orders for aircraft and defense capital goods . the data may help rekindle hopes that the economy has rebounded since the sept . 11 attacks .
equity index futures suggested a largely flat to slightly higher open . december futures for the s & p 500 index rose 1 . 70 points to 1 , 130 . 80 while futures for the nasdaq 100 added 8 points to 1 , 567 . futures for the dow jones industrials gained 7 points at 9 , 720 .
other indicators flagged a mildly higher open . the indicative dow jones industrial average , which is based on prices of dow stocks trading in germany ' s deutsche boerse u . s . market segment , rose 45 . 95 points , or 0 . 47 percent , to 9 , 757 . 81 .
the nasdaq - 100 premarket indicator was up 9 . 2 points , or 0 . 59 percent , based on trading ahead of the open in the tech - heavy index ' s biggest stocks .
hand - held computer maker palm inc . rose in extended - hours trading on wednesday and pre - open trade on thursday after the company said it expects to meet estimates . palm rose to $ 3 . 7 pre - open from its nasdaq close of $ 3 . 41 .
storage networking company brocade communications systems inc . rose to $ 30 . 30 ahead of the open from a close at $ 28 . 82 . the company reported quarterly operating profits fell sharply as the slower economy kept many corporate buyers on the sidelines , although the results beat wall street forecasts .
enron , which finished at 61 cents on wednesday , was a little higher in pre - open trading , at 69 cents . enron sank wednesday after rival dynegy inc . pulled out of its planned $ 9 billion takeover of the beleaguered energy trader . credit rating agencies slashed enron ' s bonds to junk status and shoved the once mighty company another step closer to bankruptcy .
enron squeezed other energy traders and financial giants citigroup inc . and jp morgan chase & co . inc . , which may suffer losses of more than $ 400 million combined on their lending to the energy trading group , according to at least one analyst .
on wednesday , the blue - chip dow jones industrial average surrendered 160 . 74 points , or 1 . 63 percent , to 9 , 711 . 86 , the largest drop in about a month and the lowest close since nov . 12 . the broader standard & poor ' s 500 index slid 20 . 98 points , or 1 . 83 percent , to 1 , 128 . 52 . the technology - laced nasdaq composite index dropped 48 points , or 2 . 48 percent , to 1 , 887 . 97 .
in other pre - open activity , software provider freemarkets inc . rose after raising its quarterly revenue and profit outlook after several large customers renewed long - term contracts . shares rose to $ 16 . 20 from a close of $ 13 . 59 .
h & r block inc . , the no . 1 u . s . tax preparer , rose to $ 37 . 25 on the instinet trading system after closing at $ 36 on the new york stock exchange . the company raised its profit forecasts for the current fiscal year as its second - quarter loss narrowed , helped by new accounting rules and strong mortgage business performance .
copyright ? 2000 dow jones & company , inc . all rights reserved .
uk : enron europe not seen in default on energy trade .
by raj rajendran
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
london , nov 29 ( reuters ) - beleaguered u . s . energy trader enron so far has not defaulted on any of its over - the - counter energy swap contracts in europe , dealers said on thursday . but many in the trading community have arranged alternative trades to cover their exposure as news emerged that enron had sought protection from its creditors and appointed accountant as administrator .
enron stands on the brink of bankruptcy after a rescue deal with its smaller rival dynegy fell apart on wednesday . the company halted trading on its enrononline platform on the same day .
" they haven ' t had any defaults yet . but nobody ' s trading with them at the moment , " a dealer at a major oil company which had trading links with enron said .
dealers said enron had been missing from the european oil otc market for over a week and many companies had stopped trading with them a month ago as signs emerged of financial difficulties at america ' s largest energy trader .
in the oil market , enron ' s trading activities extended right across the petroleum product chain as well as various brent crude derivatives contracts .
they said the dated to front line ( dfl ) brent contract , which balances the risk of dated brent against the front - month ipe futures contract , had seen substantial activity on thursday amid speculation that some players had moved to square off their positions against exposures to enron .
" it ' s a case of closing up positions , " a brent trader said .
dealers said enron was believed to have closed positions on london ' s international petroleum exchange . the ipe declined comment .
the dealers said a shortlived price spike late on wednesday on ipe and nymex crude oil and nymex natural gas futures markets suggested a brief session of short covering .
" there was a short spell when the natural gas market was strengthening and wti moved up . one broker was doing most of the buying and most people thought he was covering for enron . but the market came straight back down , " said one futures dealer .
an spokeswoman for the ipe said its compliance department was looking at enron ' s positions on the market and had been talking with financial services authority and clearing house .
" we will be able to maintain the integrity of the market , " the spokeswoman said .
( with additional reporting by jonathan leff ) .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : update 1 - enron may not pay previously declared dividends .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , nov 29 ( reuters ) - beleaguered energy trader enron corp . said on thursday it might not pay previously declared dividends on its various stock issues , in an effort to preserve the value of its core trading and marketing business .
houston - based enron said the dividends in question are those on its common stock , cumulative second preferred convertible stock , enron capital llc 8 percent cumulative guaranteed monthly income preferred shares , and enron capital resources lp series a 9 percent cumulative preferred securities .
enron shares closed at a new low of 61 cents on the new york stock exchange in trading on wednesday , the same day that hometown rival dynegy inc . decided to walk away from its planned purchase of the company .
the major credit rating agencies slashed their ratings on enron ' s bonds to junk status , also on wednesday , triggering expectations that enron would be forced into bankruptcy .
copyright ? 2000 dow jones & company , inc . all rights reserved .
uk : enron says enrononline switched back on .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
london , nov 29 ( reuters ) - enron metals ltd , the metals trading arm of u . s . energy trader enron corp , said on thursday that its enrononline screen - based trading system was switched back on after shutting down on wednesday evening .
" enrononline metals is definitely up and running , " a senior official at enron metals said .
" it was switched on around nine thirty or 10 o ' clock ( 0930 or 1000 gmt ) this morning , " he said .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : dominion says enron credit exposure $ 11 mln .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 29 ( reuters ) - dominion resources inc . on thursday said its past credit exposure to trading partner enron corp . , which is teetering on the brink of bankruptcy , is less than $ 11 million and current trading exposure is less than 5 percent of earnings .
the virginia - based natural gas and power producer also reaffirmed its earnings for this year at $ 4 . 15 per share or better , $ 4 . 90 to $ 4 . 95 in 2002 and 10 percent annual earnings growth after 2002 .
dominion earned $ 334 million , or $ 1 . 37 per share , in the third quarter of 2001 , with its independent power and natural gas subsidiary posting profits of $ 288 million .
shares of dominion fell 5 cents at $ 58 . 50 thursday on the new york stock exchange .
copyright ? 2000 dow jones & company , inc . all rights reserved .
analyst : enron to have minimal material impact on brokers
by chad bray
of dow jones newswires
11 / 29 / 2001
dow jones news service
( copyright ( c ) 2001 , dow jones & company , inc . )
new york - ( dow jones ) - salomon smith barney analyst guy moszkowski said the troubles at enron corp . ( ene ) will not have a material impact on brokerage firms ' credit and counterparty energy trading exposure .
in a research note thursday , moszkowski said the credit exposure to enron among the larger securities firms - morgan stanley ( mwd ) , merrill lynch & co . ( mer ) , goldman sachs group inc . ( gs ) , bear stearns cos . ( bsc ) and lehman brothers holdings inc . ( leh ) - is minimal and is largely hedged where it exists .
among the larger brokers , only morgan stanley and goldman sachs have " meaningful " operations in energy trading , moszkowski said .
" against the backdrop of significantly improved risk management procedures in the industry , we believe exposure to enron has been curtailed for some time now , particularly as concern regarding the firm ' s credit worthiness is hardly a new development , " moszkowski said . " however , given the sophistication and complexity of energy contracts , we believe it is fair to assume there will be some - albeit likely limited and , ultimately , immaterial - counterparty exposure at both goldman sachs and morgan stanley . "
in a research note wednesday , goldman sachs analyst richard strauss said citigroup inc . ( c ) - salomon smith barney ' s parent - and j . p . morgan chase 201 - 938 - 5293 ; chad . bray @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron ' s demise leaves counterparties with tough choices
by sarah spikes
of dow jones newswires
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones ( + 44 20 ) 7842 9345 ; sarah . spikesdowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron - dynegy merger collapse roils europe ' s power mkts
by sarah wachter
of dow jones newswires
11 / 29 / 2001
dow jones energy service
( copyright ( c ) 2001 , dow jones 331 - 4017 - 1740 ; sarah . wachter @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : enron shares fall anew , trading partners also down .
11 / 29 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 29 ( reuters ) - shares of enron corp . renewed their relentless plunge on thursday , as energy traders and creditors assessed their exposure to the teetering company .
enron was down 24 cents , or 39 . 3 percent , to 37 cents , and topped the most active list once again on the new york stock exchange with more 19 . 1 million shares traded . the stock was valued at more than $ 33 before it started its plunge in mid - october .
shares of companies in the utility sector opened mixed on thursday , with those owed the most money from financially troubled enron losing the most ground .
the 40 - company standard & poors utility index opened slightly down . 27 points at 231 . 34 , with enron once again the top loser .
shares of rival power company dynegy inc . , which backed of a deal on wednesday to bail out enron , were down 3 . 7 percent , or $ 1 . 34 , to $ 34 . 55 .
aquila , another large trader which is 80 percent owned by kansas - based utilicorp . and that could be exposed to enron , dropped 1 . 16 percent , or 21 percent , to $ 17 . 95 .
copyright ? 2000 dow jones & company , inc . all rights reserved .
repeat : enron bankruptcy may lead to losing brazil assets
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones ( 5521 ) 9965 - 1193 , adriana . brasileiro @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
s replaced by nvidia
by karen talley
of dow jones newswires
11 / 29 / 2001
dow jones news service
( copyright ( c ) 2001 , dow jones & company , inc . )
new york - ( dow jones ) - standard & poor ' s corp . will remove beleaguered energy trader enron corp . ( ene ) from the s & p 500 index at the close of trading thursday and replace it with nvidia ( nvda ) , a designer of 3 d graphics for the personal computer market .
enron is trading down 9 cents , or 15 . 5 % , to 40 cents . there is a 12 . 5 cent dividend on enron payable today that has yet to be rescinded .
as is usually the case , s & p chose a large stock from the standard 201 - 938 - 5106 ; karen . talley @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
 volume rises 65 % vs . month ago
11 / 29 / 2001
dow jones energy service
( copyright ( c ) 2001 , dow jones & company , inc . )
new york - ( dow jones ) - the volume of trading on , an internet - based energy trading platform , rose 65 % during the last days of november compared with one month ago , the exchange said thursday .
ice is considered a primary alternative to enron corp . ' s ( ene ) internet - based commodities market , enrononline .
users of ice rose 30 % , according to the exchange ' s press release .
enrononline is different from ice because enrononline is a mechanism for companies to buy from , and sell to , enron . ice is a neutral multi - party exchange , allowing energy trading companies to trade with all other members .
ice ' s trading system , which has been installed in 7 , 000 desktops worldwide , covers 600 commodity and derivative contract types . ice also owns the international petroleum exchange of london , europes largest energy futures exchange .
ice is owned by companies including american electric power ( aep ) , aquila energy ( ila ) , bp amoco plc ( bp ) , deutshe bank ag ( g . dbk ) , duke energy corp . ( duk ) , el paso corp . ( epg ) , goldman sachs group ( gs ) , morgan stanley dean witter 201 - 938 - 4604 ; mark . golden @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
duke energy halts trading with enron
11 / 29 / 2001
dow jones news service
( copyright ( c ) 2001 , dow jones & company , inc . )
charlotte , n . c . - ( dow jones ) - duke energy corp . ( duk ) has about $ 100 million in non - collatorized exposure to financially - battered enron corp . ( ene ) , and has halted trading with the energy conglomerate .
duke energy , which affirmed annual earnings growth targets , is the latest energy company trying to quell concerns about its exposure to enron , which continues a downward spiral in new york stock exchange trading .
enron recently traded at 44 cents a share , a sharp drop from its year high of $ 66 . 10 a share in late december . the company ' s stock closed down 85 . 2 % on wednesday after announcing plans for a merger with dynegy inc . ( dyn ) fell through .
copyright ? 2000 dow jones & company , inc . all rights reserved .
northern border / enron - 2 : pipeline has 2 . 8 % rev exposure
11 / 29 / 2001
dow jones energy service
( copyright ( c ) 2001 , dow jones dow jones newswires ; 201 - 938 - 5400
copyright ? 2000 dow jones & company , inc . all rights reserved .
fall of enron rattling nordic electricity market
by frances schwartzkopff
of dow jones newswires
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones + 45 3311 1524 ; frances . . com
( maria aakerhielm in stockholm contributed to this story )
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron ' s demise leaves counterparties with tough choices
by sarah spikes
of dow jones newswires
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones ( + 44 20 ) 7842 9345 ; sarah . spikesdowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
europe fin services cos to take small hit from enron
by evelina shmukler and catherine taylor
of dow jones newswires
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones 44 - 20 - 7842 - 9268 ; evelina . shmukler @ dowjones . com
( additional reporting by bert - erik tencate in frankfurt )
copyright ? 2000 dow jones & company , inc . all rights reserved .
dollar under pressure on u . s . economic woes , enron situation
11 / 29 / 2001
dow jones business news
( copyright ( c ) 2001 , dow jones & company , inc . )
dow jones newswires
new york - - the dollar was under pressure thursday , weighed down by a combination of the federal reserve ' s somber outlook for the u . s . economy , waning u . s . consumer confidence and concerns about the financial woes of enron corp .
in morning new york trading , the euro was at 89 . 04 u . s . cents , up from 88 . 82 cents late wednesday in new york . the dollar was at 123 . 07 yen , little changed from 123 . 06 yen late wednesday .
the greenback was also at 1 . 6480 swiss francs , compared with 1 . 6465 , while sterling was trading at $ 1 . 4254 , down slightly from $ 1 . 4259 late wednesday .
the dollar managed to get a brief respite from u . s . durable goods data for october , which showed orders for big ticket items sharply rebounded by a record amount , more than reversing september ' s large drop .
but the overall tone for the dollar remains weak , amid a growing sense that the u . s . might not be able to rebound from recession as fast as previously thought .
" the dollar is a little heavy across the board , " said robert sinche , head of global currency strategy at citibank in new york . " unless you get something completely outrageous , it looks likely to remain that way . "
the dollar has fallen below key support levels against both the euro and the yen , as traders moved to liquidate a spate of long dollar positions .
while the enron situation doesn ' t have a direct effect on foreign exchange markets , analysts said that it wasn ' t helping dollar sentiment .
" the market was ripe for an unwinding of long dollar positions , " said mr . sinche . " enron . . . is the kind of situation that just acts as a catalyst . "
as is often the case , the euro ' s gains appeared to be more a result of pessimism towards the u . s . rather than any optimism about the euro zone .
the market largely shrugged off third quarter euro - zone gross domestic product data earlier thursday which came in exactly as expected : up 0 . 1 % on the quarter and 1 . 3 % on the year .
the dollar ' s direction thursday will also be influenced by u . s . shares , with prospects for a marked rebound looking slim in the wake of the enron woes .
analysts said a sustained move above the 89 cent level could set the euro up for a test of 89 . 45 cents and then 90 cents , which is expected to offer more formidable resistance .
its difficulty in making a concerted push for 90 cents is probably down to the potential outflows related to the morgan stanley capital international indexes rebalancing , and the deutsche telekom / voicestream deal .
the first phase of the new msci weightings comes into effect friday , and should involve fund managers reducing their exposure to euro zone equities .
so far , this seems to have been discounted , although it could still help to keep a lid on the euro .
the lockup period for voicestream shareholders to keep hold of their deutsche telekom shares expires dec . 1 , which could prompt them to offload the stock , in effect resulting in sizable euro - zone outflows .
benign inflation data from switzerland out earlier thursday - up only 0 . 3 % in november on the year - has paved the way for the swiss national bank to cut interest rates at its next meeting dec . 7 .
" with the market looking only for a rate cut of 25 basis points , we would expect the swiss franc to remain capped around current levels , " said ubs warburg analysts .
grainne mccarthy of dow jones newswires contributed to this article
copyright ( c ) 2001 dow jones & company , inc .
all rights reserved
copyright ? 2000 dow jones & company , inc . all rights reserved .
electrabel says exposure to enron " insignificant "
11 / 29 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones 331 - 4017 - 1740 ; sarah . wachter @ dowjones . com
copyright ? 2000 dow jones halts trading with enron
11 / 29 / 2001
pr newswire
( copyright ( c ) 2001 , pr newswire )
charlotte , n . c . , nov . 29 / prnewswire / - - duke energy ( nyse : duk ) today expressed confidence in the vitality of the energy sector and said it had taken steps to manage its exposure during the very serious difficulties being experienced by enron , including instituting a trading halt .
" although we didn ' t completely cease trading with enron until yesterday , in the course of our normal credit practices , we took steps to limit our exposure to enron . we currently have approximately $ 100 million in non - collaterized exposure to enron . we are closely monitoring this unfortunate situation to determine if a provision against earnings is appropriate , " said richard j . osborne , executive vice president and chief risk officer for duke energy .
osborne was referring to dynegy ' s announcement that it is terminating the merger agreement with enron and the decision by major rating agencies to downgrade enron ' s long - term debt below investment grade .
" the market is larger than any one player and is very resilient . enron ' s role and activities in the energy market have significantly diminished over the past several weeks . and , market liquidity is provided by many active trading and marketing companies that have effective risk management practices and sound capitalizations , " osborne noted .
" we at duke energy are committed to our customers and fulfilling our contracts and services without disruption . we also continue to see strong growth opportunities ahead and are extremely confident in our ability to achieve or exceed our financial targets this year and next , " osborne said .
the company remains fully committed to deliver earnings growth within its stated guidance of 10 percent to 15 percent compound annual growth in earnings per share from a base of $ 2 . 10 in 2000 . based on the strong results reported for the first three quarters of this year , duke energy had previously communicated it will likely exceed 15 percent earnings growth in 2001 . yesterday ' s developments do not change that view .
duke energy , a diversified multinational energy company , creates value for customers and shareholders through an integrated network of energy assets and expertise . duke energy manages a dynamic portfolio of natural gas and electric supply , delivery and trading businesses - - generating revenues of more than $ 49 billion in 2000 . duke energy , headquartered in charlotte , n . c . , is a fortune 100 company traded on the new york stock exchange under the symbol duk . more information about the company is available on the internet at : www . duke - energy . com .
contact : jennifer hillings epstein of duke energy , + 1 - 704 - 382 - 1221 , or 24 - hour , + 1 - 704 - 382 - 8333 .
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/ contact : jennifer hillings epstein of duke energy , + 1 - 704 - 382 - 1221 , or 24 - hour , + 1 - 704 - 382 - 8333 / 09 : 30 est
copyright ? 2000 dow jones & company , inc . all rights reserved .
dominion reports that enron exposure not expected to affect earnings forecast
11 / 29 / 2001
business wire
( copyright ( c ) 2001 , business wire )
richmond , va . - - ( business wire ) - - nov . 29 , 2001 - - dominion ( nyse : d ) said today that it has pre - tax credit exposure to enron of $ 11 million for past sales . dominion said it has forward commodity sales contracts with enron that represent an exposure of less than 5 percent of earnings , based on today ' s forward prices . dominion reaffirmed its public operating earnings per share targets of $ 4 . 15 or better in 2001 , $ 4 . 90 to $ 4 . 95 in 2002 and 10 percent annual earnings growth after 2002 .
dominion is one of the nation ' s largest producers of natural gas and power .
contact : dominion , richmond media : mark lazenby , 804 / 819 - 2042 hunter applewhite , 804 / 819 - 2043 or analysts : tom wohlfarth , 804 / 819 - 2150 suzette mata , 804 / 819 - 2154
09 : 06 est november 29 , 2001
copyright ? 2000 dow jones & company , inc . all rights reserved .
s & p lwrs rtg on yosemite ' s 2000 - a linked enron notes
11 / 29 / 2001
business wire
( copyright ( c ) 2001 , business wire )
london - - ( business wire ) - - standard & poor ' s - - nov . 29 , 2001 - - standard & poor ' s today lowered its rating on the gbp 200 million 8 . 75 % series 2000 - a linked enron obligations issued by yosemite securities co . ltd . to ' b - ' from ' bbb - ' . concurrently , the ratings have been placed on creditwatch with developing implications .
the rating action reflects the nov . 28 , 2001 downgrade of enron corp . - - which supports yosemite securities co . - - which was prompted by standard & poor ' s concerns about the viability of the merger agreement with dynergy inc . and the liquidity implications of the possible failure of that transaction .
yosemite securities ' creditwatch developing situation reflects the possibility that enron corp . ' s ratings can move higher or lower from the ' b - ' level . if the dynergy merger or a similar transaction materializes , the rating could be upgraded .
in the absence of dynergy or another partner , the credit quality of enron could go even lower . a copy of the related press release , dated nov . 28 , 2001 , can be found on standard & poor ' s web - based credit analysis system , at www . ratingsdirect . com .
copyright 2001 , standard & poor ' s ratings services
contact : standard & poor ' s , london perry inglis , ( 44 ) 20 - 7826 - 3857 rebecca geen
08 : 13 est november 29 , 2001
copyright ? 2000 dow jones owns and operates processing plants and gathering pipelines in alberta , canada ; and transports coal - water slurry via a pipeline in the southwestern u . s . the general partners of the partnership are owned by enron corp . ( nyse : ene ) , one of the world ' s leading electricity , natural gas and communications companies and by williams ( nyse : wmb ) , who through its subsidiaries , connects businesses to energy , delivering innovative , reliable products and services . public relations contact :
beth jensen
( 402 ) 398 - 7806
investor relations contact :
ellen konsdorf
( 402 ) 398 - 7840
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/ contact : beth jensen , + 1 - 402 - 398 - 7806 , or ellen konsdorf , + 1 - 402 - 398 - 7840 , both of northern border partners , l . p . / 08 : 05 est
copyright ? 2000 dow jones & company , inc . all rights reserved .