Lose

As the dot.com stocks begin to lose a “little bit of theirluster,” Wall Street investors quickly are setting their sights oncompanies that are involved in the development of fuel-celltechnology for the energy market, as well as the individualutilities that are “embracing” the new technology.

As the dot.com stocks begin to lose a “little bit of theirluster,” Wall Street investors quickly are setting their sights oncompanies that are involved in the production of fuel-celltechnology for the energy market, as well as the individualutilities that are “embracing” the new technology, a Wall Streetanalyst says.

Neither the American Gas Association (AGA) storage report of a25 Bcf withdrawal nor a supportive morning futures screen couldlift cash prices yesterday, as most points stayed within a coupleof pennies on either side of flat.

Midcoast Interstate Transmission and two groups oflandowners-environmentalists last week lost their year-long battlein court to overturn the FERC orders awarding a certificate toSouthern Natural Gas to build and operate a competing pipelineextension into northern Alabama.

Midcoast Interstate Transmission and two groups oflandowners/environmentalists have lost their year-long battle incourt to overturn FERC orders awarding a certificate to SouthernNatural Gas to build and operate an extension into northernAlabama.

The new millenium saw the loss of two major energy companies bythree national energy trade associations, the Interstate NaturalGas Association of America (INGAA), the American Gas Association(AGA), the Edison Electric Institute (EEI), while a fourth, theNatural Gas Supply Association (NGSA), says it is poised for acomeback.

The axe fell last week on thousands more Exxon Mobil employeeswho will lose their jobs due to the merger that created the supermajor. The company said it will cut 16,000 jobs, about 15% of itsworkforce, by the end of 2002. Exxon and Mobil predicted job cutsof only 9,000 when they announced their merger a year ago. The $81billion deal was approved Nov. 30.

Nymex front months continued to lose strength yesterday withNovember opening sharply lower and slipping downhill fast duringlight morning trading. There was significant selling early asNovember dropped into the low $2.70s before 11 a.m. then choppedsideways the rest of the day, before ending at $2.744, less than 2cents off its daily low of $2.725 and down 8 cents for the day.

DuPont is planning a stock split-off to establish Conoco as afully independent company. The split off would be achieved throughan exchange offer providing DuPont stockholders the opportunity toexchange, on a tax-free basis, shares of DuPont common stock forshares of Conoco Class B common stock currently held by DuPont. Theexchange offer is subject to approval by the SEC and acceptablemarket conditions. It is expected the exchange offer will becompleted in the third quarter.