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Reliant Energy Up Big
In a major boost to its investors, Reliant Energy, Inc. (RRI - Snapshot Report) declared that it won’t access loan financing from First Reserve Corp. Reliant was also given a thumbs up by Goldman Sachs Group, Inc. (GS - Analyst Report), which vouched for the Houston-based generation company. The company is believed to be looking to sell itself in parts or whole. The stock is up nearly 15% since the opening bell.
Earlier, Reliant had sought to raise $1 billion to do away with a $300 million credit arrangement with Merrill Lynch & Co. (MER). This would have cost Reliant higher since the money would have been raised during a storm sweeping across the credit market.
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| Market Summary | Nov 25, 2009 23:40 pm ET |
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