Enron Mail

From:judy.e.collazo@ssmb.com
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Subject:FW: NPW 3Q:00 Results in Line; Fundamentals Intact; Reiterate 1S
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Date:Fri, 10 Nov 2000 01:06:00 -0800 (PST)

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< NPW 3Q:00 Results in Line; Fundamentals Intact; Reiterate 1S Rating
<
< * Reiterate 1S (Buy, Speculative) rating on Competitive Energy
< Retailing start-up New Power Company following 3Q:00 results and company
< conference call
< * Start-up loss in-line at $1.23 per share vs. our $1.22 expectation
< * Key metrics -- new customer count and gross margin percentage --
< in-line with our expectations: New Power now has 316,000 customers, and a
< gross margin of 7.2% for the quarter (11% after certain
< acquisition-related costs)
< * See sell-off in stock as unwarranted, partially due to weakness in
< "concept stocks"; while continued weakness may persist due to overall
< market sentiment, we recommend purchase at these levels
< * Expect several catalysts over the next several months: successful
< resolution of disputed customer acquisition in Pennsylvania (Nov. 29),
< ramp-up of marketing partnership with AOL
<
< <<trc75562.pdf<<
<
<
< Raymond C. Niles
< Power/Natural Gas Research
< Salomon Smith Barney
< (212) 816-2807
< ray.niles@ssmb.com
<
< s
<
<
<
<

- trc75562.pdf