Why is Enron's stock so volatile now? Since today's session started, ENE
     has lost another $2.50!

     Mr. Ken Lay replies
     I haven't had a chance to check our stock today, but I think for several 
reasons
     it's more volatile. But before I comment on that, our stock price is 
still up even
     if it went down that much today. It's up 40% since the beginning of the 
year
     when the Dow was down. As recently as mid-December, the stock price is up
     about 75%. That's one reason why it's so volatile. Some people bought in
     along the way, they've had a good strong increase, particularly with the
     uncertainty in the marketplace, people just want to take some money off 
the
     table. As we become more of a technology stock, a high P/E stock, a 
growth
     stock held by growth portfolios, you're going to have more volatility, 
just like all
     the other companies that fit into that category. Throughout the market,
     technology stocks quite often go up or down not just $3-$4 a whack, but 
often
     $10-$12-$15 a whack. What I tell Mark Koenig is I love that volatility 
on the
     upside, but I hate it on the down side. 

     We've had a change in the ownership of our stock. Increasingly, it's 
being
     bought by the growth portfolio managers, and increasingly it's being 
sold by
     the value and other portfolio managers that picked it up at much lower
     valuations, and now at these values they want to take their money and 
put it
     back into lower P/E stocks. I know this makes everybody a little 
nervous, but
     this is probably the world we're in now. I'd rather be in this world 
with a 50 P/E
     than the more stable world with a 20 P/E.