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Calpine Shares Up After Investor Meetings

May 21, 1999|(Bloomberg News)

Calpine Corp. shares rose 5.8 percent as the power-plant owner and developer works to convince analysts and investors that its earnings will be higher than anticipated. Calpine's shares rose $3.13 to close at $57.31 on the New York Stock Exchange 16 after earlier reaching a record high of $59. Its shares have increased 46 percent in the past month and tripled in the past year. San Jose-based Calpine told analysts and investors in a conference call last week and a continuing series of meetings that its May 10 acquisition of 14 geothermal power plants from PG&E Corp. for $212.8 million will boost profit more than it expected, partly because of favorable financing terms, said Richard Barraza, investor relations manager.

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