Neutral

Dynegy Cash Flow Questioned in Downgrade by BOA

Banc of America Securities (BOA) downgraded Dynegy Inc. to “sell” from “neutral” last week because of questions about the company’s future cash-flow generation. On the day of the downgrade Wednesday, more than 10 million Dynegy shares exchanged hands, and the stock fell more than 5%, falling slightly more through the rest of the week to close at around $4.85.

October 11, 2004

Dynegy Cash Flow Questioned in Downgrade by BOA

Banc of America Securities (BOA) downgraded Dynegy Inc. to “sell” from “neutral” on Wednesday because of questions about the company’s future cash-flow generation. More than 10 million Dynegy shares exchanged hands, and the stock fell more than 5% to close at $4.98.

October 7, 2004

Futures Fall on ‘Neutral’ Storage Report, But Fail to Retrace Week’s Gains

Coming in below historical levels, but still within the range of industry estimates, the Energy Information Administration reported Thursday morning that 69 Bcf was injected into underground natural gas storage for the week ended Sept. 24. November natural gas futures closed at $6.795, down 11.6 cents on the day.

October 1, 2004

Prices Move Sharply Higher as Shut-Ins Continue; Pipes, Producers Deal with Damage

Spot gas prices were sharply higher on Monday as 2.9 Bcf/d of Gulf of Mexico gas production remained shut in, according to the latest report from the Minerals Management Service (MMS). Several gas processing plants remained down and some Gulf pipelines, particularly Southern Natural and Tennessee Gas, continued to have difficulty returning to normal flows because of damage suffered during Hurricane Ivan.

September 21, 2004

Bearish Storage Report Sends Futures Significantly Lower

After months of relatively neutral weekly gas storage reports, natural gas futures traders on Thursday got something they could sink their teeth into as the Energy Information Administration (EIA) reported that a bearish 109 Bcf was put into underground storage for the week ended July 2.

July 9, 2004

Futures Prices Rebound Modestly After Neutral Storage Number

After gyrating first lower and then higher on the news that 83 Bcf was injected into underground storage facilities last week, natural gas futures shuffled mostly sideways for much of the session Thursday as buyers remained reluctant to accumulate large long positions. The September contract finished the session at $4.718, up a nickel on the day. At 63,615, estimated volume was relatively weak again Thursday, evidence that the market lacks a consensus on price direction.

August 1, 2003

Merrill Lynch Downgrade Sends Mirant Shares Down 16%

Mirant Corp. shares plummeted 16% last Thursday to $2.28 following a downgrade to “sell” from “neutral” by Merrill Lynch analyst Elizabeth Parrella. She said the chances are increasing that the company will miss today’s deadline to gain approval from banks of its plan to refinance $4.9 billion of debt.

July 14, 2003

Merrill Lynch Downgrade Sends Mirant Shares Down 16%

Mirant Corp. shares plummeted 16% Thursday to $2.28 following a downgrade to “sell” from “neutral” by Merrill Lynch analyst Elizabeth Parrella. She said the chances are increasing that the company will miss its July 14 deadline to gain approval from banks of its plan to refinance $4.9 billion of debt.

July 11, 2003

Futures Yo-Yo on Neutral Storage Figure

Natural gas futures dipped then rallied Wednesday afternoon, as bulls and bears were caught in a tug-of-war on the news that 111 Bcf was pulled from underground storage facilities last week. With that, March completed its debut as prompt month at $2.08, up 1.3 cents for the session and 5 cents off its $2.03 low notched just 20 minutes prior at 2:10 p.m. EST. Estimated volume was average at 80,499.

January 31, 2002

JP Morgan Predicts Dynegy to Prevail in Enron Lawsuit

Dynegy Inc.’s bonds were raised to “overweight” from “neutral” in a revised report by J.P. Morgan Chase & Co. on Monday. The revision followed the “company’s strong performance in the fourth quarter, its focus on debt reduction and our belief that Dynegy has a reasonable probability that it will prevail in the lawsuit with Enron over the aborted merger last year.”

January 29, 2002