The Federal Energy Regulatory Commission (FERC) is threatening to revoke the trading licenses of Williams Co. (NYSE:WMB) $11.21, El Paso Electric (NYSE:EE) $14.45, Avista (NYSE:AVA) $14.15 and Portland General Electric, which is owned by bankrupt energy trader Enron (NASDAQ:ENRNQ) $0.16, for their alleged failure to respond to the agency's investigation into possible market manipulation in California.
The agency's order said the responses of the four companies into its investigation of energy trading practices in the West are "indicative of a failure by these companies to cooperate with our investigation."
The commission has given the companies 10 days to "show why the commission should not revoke their market-based rate authority" retroactive to the start of the investigation in February.
It should be noted that it is El Paso Electric (NYSE:EE) and not El Paso Corp. (NYSE:EP) $24.05 mentioned in the above FERC threats.
State attorneys general suing Bristol Myers Squibb
State attorneys general are suing Bristol Myers Squibb (NYSE:BMY) $28.65 over its Taxol cancer drug citing attempts by the drug giant to block generic competition for Taxol.
Intel added to Morgan Stanley Global "fresh money" buy list
Shares of semiconductor giant Intel (NASDAQ:INTC) $27.50 are edging up 2-cents in pre-market trading after Morgan Stanley Global added the stock to its "fresh money" buy list this morning.
Wal-Mart reports a 6.2% increase in May same-store sales
Discount retailer Wal-Mart (NYSE:WMT) $54 said same-store sales in May rose 6.2%. The company added that net sales increased 11.5% to $18.38 billion in May.
Stock futures flat
Stock futures are flat this morning as S&P futures edge higher by 2 points at 1,043.50. NASDAQ futures are up 1.0 point at 1,182 and Dow futures are unchanged at 9,700.
Fair value for the S&P 500 today is $0.14. That price will not change during the session. HL Camp & Company has their computers set for program buying at $1.52 and set for selling at $-1.20. Fair value for the NASDAQ-100 today is $1.25.