Enron Shares Drop to Near Seven-Year Lows
Enron Corp. (Houston, TX) shares fell to their lowest level in almost seven years in early trade following news that North America's largest natural gas and electricity trader was considering tapping additional credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks. Enron shares were down $1.55, or 10 percent, to $13.95 on the New York Stock Exchange. The shares have not been under $14 since December 1994.
Previous to this drop, Enron shares lost almost $14.0 billion in market value as a series of piecemeal disclosures about the company's involvement in complex partnerships began to trickle out.