Posts for Ticker ‘RRI’

New Name Doesn’t Help (RRI, NRG)

What’s left of Reliant Energy is now called RRI Energy, Inc. (NYSE:RRI) following the sale of Reliant’s Texas retail segment to NRG Energy, Inc. (NYSE:NRG) that was completed on May 1st. The company reported a net EPS loss of -$0.43, compared with an EPS profit of $1.07 in the same period a year ago. Reported revenue reached $466.2 million, compared with $879.8 million a year ago.
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Posted on: May 11, 2009 – 8:06 am in Utilities, ,

NRG Wins In Reliant Deal (NRG, RRI, EXC)

money-stack-imageNRG Energy Inc. (NYSE:NRG) has completed its $287.5 million cash acquisition of Texas retail business of Reliant Energy Inc. (NYSE:RRI). This could have an impact on the ongoing battle over  a proposed deal involving Exelon Corp. (NYSE:EXC).

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Posted on: May 1, 2009 – 7:37 am in Mergers and Buy Outs, Utilities, , ,

Power Generation Results Mixed (D, XEL, NRG, EXC, RRI)

power-lines-image4Three large electric utilities reported earnings this morning, and the results are could be better, but they could also be worse.  Dominion Resources, Inc. (NYSE:D) and NRG Energy, Inc. (NYSE:NRG) were up following their reports.
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Posted on: April 30, 2009 – 7:48 am in Earnings, Utilities, , , ,

NRG is the Company of ‘No’ (NRG, EXC, RRI)

NRG Energy Inc. (NYSE:NRG) has sent a long letter to shareholders counseling them not to vote for the new slate of directors being proposed by Exelon Corporation (NYSE:EXC).  NRG notes that the price of Exelon’s fixed exchange ratio offer has dropped 17% since Exelon first announced its proposal to acquire NRG. The company is still pounding the point that Exelon’s offer is “inadequate and unacceptable.”  NRG also points out that its proposed acquisition of Reliant Energy Inc.’s (NYSE:RRI) retail business will result in the addition of $150-$200 million in annual EBITDA for NRG shareholders beginning immediately.
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Posted on: April 3, 2009 – 8:17 am in Mergers and Buy Outs, Utilities, , ,

NRG-Reliant, When A Deal Looks Done (NRG, RRI, EXC)

money-stack-image1The US Department of Justice and the Federal Trade Commission have granted NRG Energy, Inc. (NYSE:NRG) early termination of the Hart-Scott-Rodino Act waiting period related to NRG’s proposed acquisition of the Texas retail business of Reliant Energy Inc. (NYSE:RRI).  NRG expects to close the $287.5 million deal during the second quarter of 2009.  That is, NRG expects to close the deal unless Exelon Corp. (NYSE:EXC) trumps it by acquiring NRG.  Shares in all three companies are down marginally this morning.

Paul Ausick
April 1, 2009

Posted on: April 1, 2009 – 9:47 am in Mergers and Buy Outs, Utilities, , ,

NRG Throws Debt Scare at Exelon (NRG, EXC, RRI)

money-stack-image59NRG Energy, Inc. (NYSE:NRG) has sent a letter to Exelon Corporation (NYSE:EXC) calling on Exelon to withdraw is proposal to expand NRG’s board and to “pack” the board with Exelon picks at the next NRG annual meeting.
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Posted on: March 27, 2009 – 9:26 am in Mergers and Buy Outs, Utilities, , ,

Exelon Fires Another Round (EXC, NRG, RRI)

money-stack-image43Exelon Corporation (NYSE: EXC) has filed its preliminary proxy statement for the 2009 annual meeting of NRG Energy, Inc. (NYSE: NRG). NRG still hasn’t scheduled the meeting, but Delaware law requires that the meeting be scheduled within 13 months of NRG’s last annual meeting, which was held on June 14, 2008.
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Posted on: March 18, 2009 – 9:12 am in Mergers and Buy Outs, Utilities, , ,

NRG-Exelon-Reliant: Merger Soap Opera Continues (NRG, EXC, RRI)

money-stack-image31The CEO and Chairman of NRG Energy, Inc. (NYSE:NRG) have sent a letter to stockholders pointing out the weaknesses in the buyout offer from Exelon Corporation (NYSE:EXC). Earlier this month, Exelon announced that it received tenders for 51% of NRG shares. NRG countered with an offer to buy the retail business of Reliant Energy Inc. (NYSE:RRI).
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Posted on: March 13, 2009 – 8:43 am in Mergers and Buy Outs, Utilities, , ,

How Good is the NRG-Reliant Deal? (NRG, RRI, EXC)

burning-money-pic7The offer from NRG Energy, Inc. (NYSE:NRG) to buy the retail business of Reliant Energy Inc. (NYSE:RRI) for $287.5 million has now drawn some attention from Fitch Ratings. As one might expect, the benefits to Reliant outweigh the benefits to NRG, at least that’s what Fitch thinks.
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Posted on: March 4, 2009 – 8:51 am in Mergers and Buy Outs, Utilities, , ,

Reliant Joins NRG-Exelon Merger Bermuda Triangle (RRI, NRG, EXC)

money-stack-image1Reliant Energy Inc. (NYSE: RRI) is taking a hit this morning.  It wasn’t just the earnings loss, or its plans to sell a unit.  This really appears to be over the ramifications of the long-term aspects colliding with the near term aspects.  The company suddenly finds itself nestled inside this merger fight between NRG Energy, Inc. (NYSE: NRG) and Exelon Corporation (NYSE: EXC).

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Posted on: March 2, 2009 – 11:37 am in Mergers and Buy Outs, Utilities, , ,

Reliant Energy Eliminates a Credit Facility (RRI, CEG, BRK.A)

Reliant_logoLate on Friday, Reliant Energy (NYSE:RRI) announced that it had terminated a $300 million retail working capital facility with Merrill Lynch. The company had failed to meet its EBITDA covenant on the agreement in the third quarter, and had received a waiver of the covenant through December 5th.

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Posted on: December 8, 2008 – 9:17 am in Shareholder Issues, Utilities, , ,

Top Pre-Market Analyst Downgrades (ACAS, BSX, CMVT, FSS, HPY, MRT, NENG, OTEX, RRI, RUTH)

These are some of the downgrades and cautious analyst calls we are seeing this Wednesday morning:

  • American Capital (ACAS) Cut To Underweight from Neutral By JP Morgan.
  • Boston Scientific (BSX) Cut to Underperform at Merrill Lynch.
  • Comverse Tech (CMVT) Cut to Sell at Canaccord.
  • Federal Signal Corp. (FSS) Cut to Sell at Goldman Sachs.
  • Heartland Payment Systems (HPY) Cut to Underweight at JPMorgan.
  • Morton’s Restaurant (MRT) Cut to Market Perform at Wachovia.
  • Network Engines (NENG) Cut Hold at Cantor Fitzgerald.
  • Open Text (OTEX) Cut to Hold at Canaccord.
  • Reliant Energy (RRI) Cut to Neutral at Credit Suisse.
  • Ruth’s Hospitality (RUTH) Cut to Market Perform at Wachovia.

Jon C. Ogg
October 1, 2008

Posted on: October 1, 2008 – 6:50 am in Analyst Calls, , , , , , , , , ,

The 52-Week Low Club 9/30/2008 (HIG)(CC)(RRI)(APPA)

Sad_clownHartford Finl Svcs (HIG) Downgraded due to exposure to debt at troubled financial firms. Drops to $31.26 from 52-week high of $99.21.

Circuit City Stores (CC) The end is near. Hard to see how the retailer hangs on. Drops to $.72 from 52-week high of $9.65.

Reliant Energy (RRI) Cuts outlook and needs to raise capital. Down to $4.69 from 52-week high of $28.74.

Ap Pharma (APPA) Drug trial fails. Drops to $.63 from 52-week high of $2.35.

Douglas A. McIntyre

Posted on: September 30, 2008 – 2:32 pm in HI/LOW, , , ,

Reliant Financing Shows Tight Capital Markets (RRI)

Reliant_logoReliant Energy Inc. (NYSE: RRI) is looking like a classic example of how things are changing in the credit markets.  The electricity and energy services provider lowered its guidance because of Hurricane Ike and lower power prices.  It is also raising $1 billion in new capital to be combined with $1.2 billion in existing liquidity as collateral on existing contracts covered under credit enhanced retail structures with Merrill Lynch.  That is being unwound.

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Posted on: September 30, 2008 – 8:11 am in Earnings Warning, Secondary Offering, Utilities,

The 52-Week Low Club 5/8/2008 (GLBL)(HIMX)(RRI)(ADM)

Sad_clownGlobal Industries (GLBL) Bad second quarter. Falls to $7.81 from $28.

Himax Technologies (HIMX) Still dropping a day after rough results. Down to $2.79 from 52-week high of$6.29.

Reliant Energy (RRI) Q2 results hurt by weather. Seels down to $14.32. from $28.77.

Archer Daniels Midland (ADM) Number are bad, pressure from high commodities prices.Sells off to $25.40 from 52-week high of $48.95.

Douglas A. McIntyre

Posted on: August 5, 2008 – 3:00 pm in HI/LOW, , , ,

52-Week Low Club (AYE, AXL, APL, AUO, CHB, CMLS, GAP, MAC, MIR, RRI, SGLP, SWY, VRTU)

52_week_low_image_2Its Friday, and despite a fairly stable market today there were of course many 52-week lows.  Some look like a mid-city explosion from news, and some are just the normal selling.  As a reminder, some of these stocks are not under the 52-week lows at the time this published but these would have hit prior 52-week lows or traded under them on an intra-day basis. 

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Posted on: July 18, 2008 – 2:29 pm in HI/LOW, , , , , , , , , , , , ,

52-Week Low Club (T, CCE, CHB, EBAY, GGC, GLBL, IGT, PAA, RRI, SGLP, TXT, VCLK)

52_week_low_imageWe’ve had essentially a 500 point rally in the DJIA in just the last two days and oil is starting to lose its mo-mo.  Yet some companies just refuse to participate in the rally because of news, and many look like they were caught in a mid-city explosion (hence the image). 

Regardless of how the market does you can always count on many news-driven or sector driven events causing new lows.  One thing is for sure during a weak economy and during choppy earnings, there will be many more stocks in the coming weeks hitting 52-week lows.  Some will continue hitting new lows over and over.

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Posted on: July 17, 2008 – 2:35 pm in HI/LOW, , , , , , , , , , , ,