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AES and CHKP reports
Shares Held: 75
Date Purchased: 23-Dec-98 (average unweighted-by-date)
HPD paid: $40.08 (average)
Currently Trading: $ 79 7/8 @ 11:41am est, 17-May-00
Percentage Gain: 99.29%
Annualized Return: 63.65% (using average purchase date)
Strong Buy 7
In the news:
The British government will subsidize coal mining that supply AES's
Drax generation facility.
AES stock will split 2:1 effective 30-May-00
AES called in some convertible debt -I believe this has the effect of
diluting the stock a bit.
AES's retail company, NewEnergy, received its business license as an
alternative supplier of electricity from the Public Utilities
Commission of Nevada.
Quarterly report: AES Corporation announced that net income before
extraordinary item was $181 million for the quarter ended March 31,
2000,representing a dramatic increase over the net loss of $(13)
million for the first quarter of 1999. (in line with, or beating
consensus, depending on who's consensus you're reading)
New Latin American saga: AES announced offers to acquire 51% of the
outstanding ordinary shares of
C.A. La Electricidad de Caracas, at a price of U.S. $23.50 per ADS.
[This was about a 70% premium over the current trading price, and a
fair valuation as reckoned by industry analysts, supposedly - all
parties were happy leading up to this point]. Two days later, the
president of EDC, termed the takeover bid as ``unfriendly'' and said
it would be bad for his company's shareholders. Later, EDS contracted
Chase Securities to assess strategies to defeat AES's hostile
takeover bid. Later still, Venezuela's National Securities Commission
(CNV) imposed Thursday a series of conditions on the takeover bid.
AES said the conditions were unreasonable, and they were subsequently
lessened through some sort of arbitration. AES may still withdraw the
Meanwhile, EDC launched a $300 million share repurchase to repel the
hostile takeover bid. [This keeps shares out of AES's hands, and will
also put EDC in greater debt, making it less attractive]
EDC shareholders will vote 29-May-00 on whether or not to sell. If
AES does not win 51% of shares, the offer is void.
Current thinking seems to be that AES will choose not to buy EDC
-withdrawing in the face of the ugly climate that has surfaced. Many
believe this will not hurt AES, but will damage the investment
climate in Venezuela.
AES announced it would buy back outstanding shares of Eletropaulo
(Brazil) from the stock market.
AES Corporation announced it plans to sell approximately $600 million
of common stock under its
existing universal shelf registration statement and, in a separate
offering, approximately $600 million of trust convertible preferred
securities in a private placement offering.
AES won a bid to purchase a controlling interest in the 1,580 MW
Mohave Generating Station in Laughlin,
Nevada for approximately $667 million.
Belgian utility holding company Tractebel sold its stake in Northern
Ireland power plant company Nigen Ltd to AES Corp for 52.9 million
pounds ($80.30 million). [This gives AES ~92% of Nigen.]
CIBC World Markets raised it's rating on AES to a 'buy'.
Shares Held: 13
Date Purchased: 25-Apr-00
HPD paid: $164.93
Currently Trading: $ 177 @ 11:37am est, 17-May-00
Percentage Gain: 7.32%
Annualized Return: 222.78 -not very relevant because of the few weeks
we've owned it.
Strong Buy 13
In the news:
Ramp Networks, Inc., a leading provider of next-generation Internet
services platforms for
the small office, ``The Intelligent Edge,'' and Check Point Software
Technologies Ltd. (Nasdaq:CHKP - news), the worldwide leader in
securing the Internet, announced a partnership to jointly develop a
wide range of best-of-breed, secure broadband Internet access
products. (integration of Check Point's VPN-1/FireWall-1 security
software with Ramp's DSL Internet access).
BioNetrix Systems Corporation, the leading provider of personal
assurance products and services, joined OPSEC (Open Platform for
Access360, a leading provider of Internet infrastructure software
solutions for access management and provisioning in the enterprise,
business-to-business (B2B) and Application Service Provider (ASP)
marketplace, also joined the OPSEC program.
New product: Check Point announced Check Point Provider-1® 2000, a
new version of the company's powerful and widely adopted management
solution for Internet service providers and enterprise networks.
Highlights include the ability to set global security policies, a
significant increase in management calability and several
capabilities to simplify complex administrative tasks.
The "love-bug" temporarily boosted all security stocks.
Check Point and Internet Security Systems announced they have been
selected for the second consecutive year as the official network
security co-sponsors of the InteropNet Event Network (eNet).
Check Point expanded its relationship with IBM to include support for
the new RS/6000 enterprise servers.
Check Point's VPN-1/FireWall-1® received the Network Computing 2000
Well-Connected Award in the category of Best Firewall.
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