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NOT an expert but I don't think the people selling off on 3/21 were necessarily experts either. I looked hard for any news and the only things I saw were the item you mentioned, and another that Calpine plans to issue some debt, no doubt to finance some of this expansion. I am not versed enough to see anything significant in the latter news. If it represented a dilution of the stock, the market did not react very fast.

Both announcements came in the early AM, and the stock went up half the day before plunging. I thought there may be something local in San Jose or CA that is bad news for one of the specific projects there, that hasn't reached the national news services, but I looked for those too and couldn't find any. California regulators and politicians will no doubt interfere with anything logical, as they have so far, but the U.S. fed gov't has already said it will keep its hands off.

SO...I think maybe this was some profit-taking by folks who need cash to cover margin calls and pay their taxes next month. I do not trust analysts, but the *lowest* "fair price" I've seen for CPN is over $60, and some are higher. So anybody selling this low is either WAY too skittish, WAY too impatient, or something.

At least, that's what I hope. I'm holding onto mine, and of course maybe I'll turn out to be stupid. But I don't think so. The closest thing to a negative about CPN is a somewhat high P/E but they are in a growth phase. I think the "E" part will catch up within months and get much bigger within 1 year, certainly 2.

But again -- I am NOT an expert.
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