Stocks slip as investors cash in despite IBM Intel upbeat
Wall Street retreated Monday as wary investors booked gains after recent advances despite IBM benefiting from a Barron’s cover. Intel fell while Dow, Nasdaq, and S&P edged lower. Saudi bombing weighed, economists warned of stretched valuations amid waning earnings momentum.
MENTIONED IN THIS ARTICLE
New York
Wall Street
IBM Corp
Intel Corp
Saudi Arabia
Paul McManus
Independence Investment, LLC
Dow Jones
Standard & Poor
United States
Riyadh
al- Qaida
International Business Machines Corp
Barron's
Intel
P. Morgan Securities
S&p
Subodh Kumar
Modest rise in crude futures after Saudi attack
New York traders cooled after a Saudi Arabia attack that killed 17 and wounded over 100, with Brent and WTI futures finishing slightly up. Analysts noted psychological impact, but supplies remained unaffected as prices hovered near the prior day’s highs amid cautious trading and warnings of potential future disruption.
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NEW York
New York Mercantile Exchange
Saudi Arabia
Bill O'Grady
A.G. Edwards
St. Louis
Saudi Interior Ministry
al Qaida
Nymex
London
International Petroleum Exchange
Brent
O'Grady
Riyadh
Rick Bernstein
NorthStar Oil Corp
Dynegy trial details reveal Project Alpha cash flow maneuver
Former Arthur Andersen accountant James Hecker testified he was stunned by Dynegy s April 2002 deal that boosted cash flow to ease Wall Street concerns. Hecker recalled advising caution and noted the $300 million deal involved debt treatment and a $79 million tax gain, tying to the Jamie Olis fraud case. Reliant Resources posts a $926 million third quarter loss amid writedowns and a settlement charge related to 2000 Western energy market manipulation.
MENTIONED IN THIS ARTICLE
Houston
Arthur Andersen
Dynegy Inc
Wall Street
James Hecker
Hecker
Jamie Olis
Dynegy
TXU rivals say TXU rate claims mislead customers
TXU Energy sends letters to over 2.6 million customers touting lower average rates from 10.2 to 8.9 cents per kWh starting November 4. Competitors note Reliant Resources’ rates also drop to 8.3 cents per kWh but TXU omits that rates will rise again in May or June and does not mention a legacy regulated-system context.
MENTIONED IN THIS ARTICLE
Fort Worth
Texas
TXU Energy
TXU
Houston
El Paso posts third quarter loss widens to 146 million
El Paso Corp. reports a 146 million July to September loss, or 24 cents per share, more than doubling from last year as asset writedowns and weak exploration weigh on results. Revenue drops to 1.54 billion from 1.69 billion, with onetime items easing the gap to a penny per share. Doug Foshee, new president and CEO since Sept. 2, says results are not satisfactory.
MENTIONED IN THIS ARTICLE
Houston — Reliant Resources Inc
Federal Energy Regulatory Commission
Reliant
Thomson First Call
Houston
el Paso Corp
el Paso
Doug Foshee
Associated Press
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