Calpine recovers most of losses from SEC scare

Feb. 7, 2002 — Independent energy company Calpine Corporation’s stock price was almost back to normal Thursday after analysts spoke up in defense of the company.

Possibly worrying that Calpine’s situation would be similar to Enron’s, investors rapidly sold Calpine stock, causing it to plunge 22 percent yesterday after its announcement that the SEC was informally asking for more information on its annual financial statements.

But the company’s stock was up 20 percent today after a report from analyst Christopher Ellinghaus at Williams Capital, who said the SEC issue was overblown. Ellinghaus said that the mere fact it was asking for more information did not indicate there was any cause for concern.

Calpine’s shares closed at $8.14 at the end of the day on the New York Stock Exchange.


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