Enron Corp. - University of California | Office of The President

stated:
332. On 7/12/01, Skilling appeared on CNNfn "The Money Gang," was interviewed and
The energy business is very strong. As you can see from our numbers, we
had a great quarter, another great quarter, in the energy business.... So the real
story for Enron is just strong, strong growth and strong profitability of our energy
business.
333. On 7/12/01, JP Morgan issued an e-mail to investors regarding Enron which stated:
Earnings release very positive; Reiterate Buy for ENE
Action: Reiterate Buy
* * *
Comments on business unit performance:
1. Wholesale marketing and trading: Very positive news from this segment,
which continues to drive growth for the company....
2. Retail Energy (EES): Their contract amounts booked this quarter hit our
targets, and the business unit is on track to double earnings over last year. The
demand for services the business provides is high and we feel very comfortable that
Retail will continue to do very well ....
* * *
In addition, the company has reiterated guidance for 2001, and raised guidance
for 2002 up to $2.15 per share.
334. On 7/13/01, CIBC issued a report on Enron. It rated Enron a "Buy" and increased
Enron's forecasted 01 and 02 EPS to $1.80 and $2.15. It also stated:
Enron delivered another quarter of solid performance driven by strong results
from wholesale energy activities. Enron reported an increase in fully diluted EPS
(recurring) of 32% to $0.45 per share, up from $0.34 in Q2/00. We are maintaining
our BUY rating .... Management also reiterated its confidence in meeting the
guidance of $1.80 in earnings for the full year 2001 and provided new guidance
on fiscal year 2002 of 2.15 per share. We are increasing our estimates to reflect
management guidance and prospects in wholesale and retail energy markets.
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