Message-ID: <27996306.1075858072495.JavaMail.evans@thyme>
Date: Mon, 20 Nov 2000 04:09:00 -0800 (PST)
From: martin.cuilla@enron.com
To: mcontant@cypressasset.com
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Looking at Earnings estimates I think they are under estimating the long term 
shift in natural gas prices.  90 days ago they had next year earnings $.17 
under this year
and only resently have they started to raise 2001 earnings to account for 
were prices are.  I image that are still under estimating next year earnings 
based on where
the strip of natural gas is.  I don't think most people expected gas next 
summer to be trading over $4.55 

    Dec 00          Mar 01    This Year - Dec 00     Next Year Dec 01  Long 
Term Growth
Current
7 Days Ago
30 Days Ago
60 Days Ago
90 Days Ago	 0.93
0.93
0.82
0.67
0.60	0.92
0.92
0.78
0.59
0.59	2.70
2.70
2.57
2.33
2.14	 2.78
2.78
2.52
2.15
1.97	9.05%
9.05%
9.24%
10.20%
10.20%