El Paso Slashes Outlook
El Paso (EP ) announced a strategic repositioning plan, and will limit investment in and exposure to energy trading, as well as increase investment in its core natural gas business. The company sees $2.60-$2.75 2002 EPS (pro forma), and $2.75- $2.90 EPS for 2003. S&P downgraded to sell. UBS Warburg, and Merrill also downgraded their ratings of the natural gas pipeline company.
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