Any idea what might have caused the rise in EP that took place starting around 11am? Is that based on some rumour/info or just some bottom fishing by large institutions??? Thanks.
What time was the release made public? Can you please post the whole thing? I don't have real time access to DJ Newswires. Thanks again.
that was at about 1:10pm est NEW YORK (Dow Jones)--El Paso Energy Corp. (EP) shares climbed 28% Wednesday, although the price remains at less than half that of last week, before a ruling by a Federal Energy Commission judge sent the shares tumbling. Investors "hugely overreacted to a worst-case scenario," analyst Curt Launer of Credit Suisse First Boston said in a research note Wednesday. Launder, who doesn't own shares in El Paso, said he expects a "recovery target price" of $18 a share for the stock. A FERC judge found Monday that El Paso withheld gas supplies during California's energy crisis last year, helping to drive up prices. El Paso has denied market manipulation. The judge recommended that FERC begin penalty proceedings. El Paso shares traded recently at $6.70, up 27% or $1.42, on volume of 24.2 million shares. Average daily volume is 9.2 million shares also, I heard someone mention that there is always a possibilty that the court ruling is overturned. Uptik
Thanks man! Glad to be in for the ride I was just curious what was behind it. The news sources that tradestation has are often a bit lacking. Can you recommend good news sources? Thanks again and good trading to ya! V. PS The ruling will probably be overturned (with all the lobbying capacity they have), but it'll take a while before that decision comes... I'm looking more for the short term stimuli.