> NPW 3Q:00 Results in Line; Fundamentals Intact; Reiterate 1S Rating
>
> * Reiterate 1S (Buy, Speculative) rating on Competitive Energy
> Retailing start-up New Power Company following 3Q:00 results and company
> conference call
> * Start-up loss in-line at $1.23 per share vs. our $1.22 expectation
> * Key metrics -- new customer count and gross margin percentage --
> in-line with our expectations:  New Power now has 316,000 customers, and a
> gross margin of 7.2% for the quarter (11% after certain
> acquisition-related costs)
> * See sell-off in stock as unwarranted, partially due to weakness in
> "concept stocks"; while continued weakness may persist due to overall
> market sentiment, we recommend purchase at these levels
> * Expect several catalysts over the next several months: successful
> resolution of disputed customer acquisition in Pennsylvania (Nov. 29),
> ramp-up of marketing partnership with AOL
>
>  <<trc75562.pdf>>
>
>
> Raymond C. Niles
> Power/Natural Gas Research
> Salomon Smith Barney
> (212) 816-2807
> ray.niles@ssmb.com
>
> s
>
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 - trc75562.pdf