Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Merrill Downgrades FirstEnergy to 'Neutral'


Merrill downgraded FirstEnergy (FE) to neutral from buy.

Analyst Steven Fleishman tells salesforce FirstEnergy's system appears to have been the instigator of last week's blackout. He says it's not clear that FirstEnergy did anything wrong, but it did state that four of its transmission lines went down in hour before the blackout. He says the news is particularly bad for FirstEnergy given its reliability issues in New Jersey, and an extended outage at the Davis-Besse nuclear plant.

He believes the blackout shows FirstEnergy's operations need significant improvement on a broad scale. Fleishman says while the cost of blackout to FirstEnergy is unclear, it raises further risk to his $3.00 2004 earnings per share estimate. He sees $2.15 2003 earnings per share.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus