The financial bloodletting at Enron Corp., which may be halted by the announced merger deal with Dynegy Inc., is unlikely to have a significant “domino effect” on other companies in the energy business due to their limited financial exposure to Enron, El Paso Corp. executive Ralph Eads told Wall Street analysts last Wednesday.
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Enron Stock Drops Another 16%; CFO Ousted
Enron Corp.’s bloodletting continued Wednesday, as the stock price took another hit in extremely heavy volume, with close to 50 million shares trading hands. The stock finally closed at $16.54, down another $3.25, or 16.42%, from the previous day, after rocking back and forth as one of the biggest losers in early trading on the New York Stock Exchange. It reached a depth of $15.51 before climbing again. Pouring salt on the wound, several Wall Street analysts also cut their ratings Wednesday, including Prudential Securities, which advised its clients to sell.
October 25, 2001
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