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John Stephenson Calpine Corp CPN-N DON'T BUY Nov 24, 2004

Not a fan. Have done a lot of things right over the last year giving them about $2.5 billion of liquidity at year's end. Concerned with how they will finance their gas plants they are building. Margins will come under pressure.

John Stephenson

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$3.390

Stock price when the opinion was issued

electrical electronic

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BUY

Refinancing of debt has benefited them. Some risks.

DON'T BUY

Very speculative investment. Could have a little bit of upside, but expect liquidity issues in the fourth quarter of 2004 when they have a $2 1/2-billion convertible bond due.

SELL

Doesn't see it rebounding anytime soon. It’s a merchant power plant constructor and operator. There is now too much supply in the US coming on stream all at the wrong time. Spreads have been collapsing. Large debt.

BUY

Has restructured its balance sheets significantly. As deregulated power in the US begins to recover, there should be some upside in the next 2/3 years. Risky.

SHORT

Just announced a $.17 loss for the quarter and gave guidance to break even for the year. Doesn't have a lot of optimism with this company.

TOP PICK

TRADE

Pretty rocky road over the last year or so. Paying down their debt and sold off a buch of assets. Might be a survivor.

TRADE

Model price is $1.75.

DON'T BUY

Chart looks like it's starting to improve, but it still has a ways to go technically before it gets exciting.

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We paraphrase the experts by hand, we watch the shows and write down what we understood from the experts’ comments. We are human and can make mistakes, help us fix any errors. If you see something that you know is not right or if there is a problem with the site, feel free to email us at : hello@stockchase.com.

John Stephenson Calpine Corp CPN-N DON'T BUY Nov 24, 2004

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