El Paso Slashes Outlook

Novellus shares drop on IT spending concerns; SEC launches probe of Halliburton; plus more of today's stocks in the news

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.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.