SEC Company Response from EXELON CORP (EXC) (CIK 0001109357) (EXC) — Mar 31, 2009
EXELON CORP (EXC) (CIK 0001109357)
Date: March 31, 2009 · CIK: 0001109357 · Accession: 0001193125-09-069630
AI Filing Summary & Sentiment
Referenced dates: January 20, 2009, March 2, 2009, March 26, 2009
Letter
Correspondence
SIDLEY AUSTIN LLP
ONE SOUTH DEARBORN
CHICAGO, IL 60603
(312) 853 7000
(312) 853 7036 FAX
BEIJING
BRUSSELS
CHICAGO
DALLAS
FRANKFURT
GENEVA
HONG KONG
LONDON
LOS ANGELES
NEW YORK
SAN FRANCISCO
SHANGHAI
SINGAPORE
SYDNEY
TOKYO
WASHINGTON, D.C.
FOUNDED 1866
March 31, 2009
VIA EDGAR SUBMISSION AND FEDERAL EXPRESS
United States Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549-3628
Attention:
Ms. Song P. Brandon, Esq. and
Mr. Dan Duchovny, Esq.
Re:
NRG Energy, Inc.
Preliminary Proxy Statement on Schedule 14A
Filed on March 17, 2009 by Exelon Corporation
File No. 01-15891
DFAN 14A Filed on March 12, 2009
Filed by Exelon Corporation
Ladies and Gentlemen:
On behalf of Exelon Corporation (“Exelon”), we transmit herewith Amendment No. 1 (the “Amended Preliminary Proxy Statement”) to the Preliminary Proxy Statement on Schedule 14A of Exelon with respect to the 2009 annual meeting of NRG Energy, Inc. (“NRG”) stockholders filed with the U.S. Securities and Exchange Commission (the “Commission”) on March 17, 2009 (the “Preliminary Proxy Statement”). In this letter, we respond to the comments of the staff (the “Staff”) of the Commission contained in your letter dated March 26, 2009 (the “Letter”) with respect to the Preliminary Proxy Statement and Exelon’s soliciting materials filed with the Commission on March 12, 2009 pursuant to Rule 14a-12 under the Securities Exchange Act of 1934, as amended. For ease of reference, the numbered paragraphs below correspond to the numbered comments in the Letter, with your comments presented in italics. We also are forwarding copies of this letter via overnight courier, together with copies of the Amended Preliminary Proxy Statement showing the revisions made in response to the Staff’s comments.
PREN14A filed March 17, 2009
General
1. Please confirm that you will post your proxy materials on a specified, publicly-accessible Internet Web site (other than the Commission’s EDGAR Web site) and provide record holders with a notice informing them that the materials are available and explaining how to access those materials. Refer to Release 34-56135 available at http://www.sec.gov/rules/final/2007/34-56135.pdf.
U.S. Securities and Exchange Commission
March 31, 2009
Pages
Response:
We believe Exelon has complied with all the requirements of Rule 14a-16(n)(2) and Release 34-56135 for companies electing to use the full set delivery option. Exelon will post the definitive proxy statement on a publicly accessible Internet website and has included on page 34 of the Preliminary Proxy Statement the required notice informing holders that the materials will be available and explaining how to access such materials. Rule 14a-16 does not require a soliciting person to send a separate notice to record holders if the soliciting person incorporates all of the information required pursuant to Rule 14a-16(n) in its proxy statement. Therefore, we do not believe that the rules require Exelon to send a separate notice to the holders of record of NRG voting stock as the Staff requested.
Reasons to Vote for the Exelon Proposals, page 6
2. Please expand your disclosure here and elsewhere to state that there is no assurance that NRG’s nominees will serve if elected with any of the Exelon nominees.
Response:
Exelon has revised the disclosure in the Amended Preliminary Proxy Statement in response to the Staff’s request.
Other Information, page 33
3. We note your disclosure indicating that the proxies may be solicited by “mail, facsimile, courier services, telephone, telegraph, the Internet, e-mail, newspaper, advertisements and other publications of general distribution and in person.” Please note that all written soliciting materials, including any scripts to be used in soliciting proxies over the telephone or in person, must be filed under the cover of Schedule 14A. Refer to Rule 14a-6(b) and (c). Please confirm your understanding. Also, tell us whether you intend to solicit proxies through the use of any chat room.
Response:
On behalf of Exelon, we acknowledge the Staff’s comment and confirm that Exelon will file under the cover of Schedule 14A any written soliciting materials required to be filed pursuant to Rule 14a-6(b). Exelon currently does not intend to solicit proxies through the use of any Internet chat room.
U.S. Securities and Exchange Commission
March 31, 2009
Pages
DFAN 14A Filed on March 12, 2009
4. We note your statement from the transcript of the investor conference relating to NRG held on March 10, 2009. We note in particular the following language: “Today, they put out something that I haven’t fully read that suggests that somehow we’re going to raise our offer before the Annual Meeting.” It appears you are referring to the March 12, 2009 open letter issued to NRG stockholders by NRG. Based on our review of the letter, it appears your statement mischaracterizes the contents of the NRG March 12, 2009 open letter. Please confirm that you will refrain from making similar statements in future filings.
Response:
The statement on March 10 was not referring to the NRG letter to its stockholders dated March 12, 2009. The statement was referring to the open letter dated March 2, 2009 issued by NRG to certain business partners and associates of NRG (the “NRG Letter”). In the NRG Letter, NRG stated that the NRG Board believed the value of Exelon’s offer was inadequate and questioned the level of support that Exelon would obtain in the proxy contest. On behalf of Exelon, we submit that Exelon’s statement was not a mischaracterization of the contents of the NRG Letter.
5. We also note the following statement from the transcript: “Since we made that offer, it has become even better for NRG shareholders than it was when we made it—both because of changing gas prices, because of changing stock market conditions, and because of the potential carbon legislation.” Please provide us with support to substantiate your claims.
Response:
With respect to stock market conditions, on behalf of Exelon, we inform the Staff that assuming that the stock price of NRG common stock on the New York Stock Exchange (the “NYSE”) would have, in the absence of the Exelon exchange offer, maintained its historic relationship (95% correlation over the 12 months preceding October 17, 2008) to movement in the IPP index (an index of the stocks of Calpine Corporation, Dynegy Inc. Mirant Corporation and Reliant Energy, Inc.), NRG’s stock price would have declined approximately 54% since October 17, 2008 to approximately $9 at March 9, 2009, compared with its actual closing price of $17.40 on that date. During the same period, the price of Exelon common stock on the NYSE decreased only 20% to $43.84. On that basis, at March 9, 2009, Exelon’s exchange offer would represent a premium of over 136.25% for NRG stockholders, which is significantly larger than the 37% premium the exchange offer represents to the closing price of NRG common stock on the NYSE on October 17, 2008 based on the closing price of Exelon common stock on the NYSE on that date. Attached for the Staff’s reference are documents showing the movement of the price of NRG common stock relative to the IPP index. With respect to the impact of changing gas prices and the potential carbon legislation, Exelon notes the Staff’s comment and refers the Staff to the letter of even date herewith addressed to the Commission from Sidley Austin LLP on behalf of Exelon
U.S. Securities and Exchange Commission
March 31, 2009
Pages
and transmitted under separate cover (the “Supplemental Letter”). The Supplemental Letter includes support for Exelon’s statement with respect to the impact of changing gas prices and the potential carbon legislation. As noted in the Supplemental Letter, Exelon requests that the contents of the Supplemental Letter be afforded confidential treatment pursuant to Rule 83.
6. We also note the following statement: “Play-to-play” is a wonderful phrase in Illinois. It seems to be how you get to be a Senator, or so they say. It is not how we intend to acquire NRG. So that’s about as clear I can be on that.” In future filings, please explain what “Play-to-play” means. Additionally, in future filings, explain what your statement means. Are you addressing the board of NRG’s motives in rejecting your offer? In that regard, it appears your statement may implicate Rule 14a-9, which covers false or misleading statements, and in particular, material which directly or indirectly makes charges concerning improper, illegal or immoral conduct without factual foundation. Please refrain from making similar statements in future filings.
Response:
On behalf of Exelon, we submit that Exelon’s statement does not implicate Rule 14a-9. Exelon’s statement was not referring to the motives of the NRG Board of Directors. Instead, the statement was a response to NRG’s position (mentioned in the transcript immediately before the quoted passage in question) that before NRG would enter into negotiations with Exelon or allow Exelon to conduct due diligence, Exelon would need to increase the exchange ratio in the exchange offer.1 In other words, Exelon would need to pay (i.e., increase its offer) to play (i.e., conduct due diligence and/or negotiate with NRG). Exelon’s statement was simply a reaffirmation of what it had previously stated—namely, that “Exelon would not increase its offer without an opportunity to conduct due diligence designed to verify assumed values and identify additional value.” (Exelon’s Current Report on Form 8-K dated January 19, 2009)
Closing Comments
In connection with responding to our comments, please provide, in writing, a statement from the company acknowledging that:
•
the company is responsible for the adequacy and accuracy of the disclosure in the filing;
•
staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
NRG has stated this position in several filings, including its letter to its staff dated January 20, 2009 and filed with the Commission under Rule 425 on January 20, 2009. In that letter, Mr. David Crane, Chairman and Chief Executive Officer of NRG, stated that “I met with Exelon yesterday at their request to discuss their unsolicited bid for NRG. In the meeting, Exelon wanted to discuss the possibility of conducting due diligence and negotiating a transaction. In response, we indicated that the price remained too low and that the risks and issues with the proposed transaction remain substantial.”
U.S. Securities and Exchange Commission
March 31, 2009
Pages
•
the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
Response:
Exelon notes the Staff’s comment and refers the Staff to the signed statement enclosed herewith from Exelon.
If you have any questions regarding the foregoing or the Amended Preliminary Proxy Statement, please contact the undersigned at (312) 853-7783.
Very truly yours,
/s/ Scott R. Williams
Show Raw Text
CORRESP 1 filename1.htm Correspondence SIDLEY AUSTIN LLP ONE SOUTH DEARBORN CHICAGO, IL 60603 (312) 853 7000 (312) 853 7036 FAX BEIJING BRUSSELS CHICAGO DALLAS FRANKFURT GENEVA HONG KONG LONDON LOS ANGELES NEW YORK SAN FRANCISCO SHANGHAI SINGAPORE SYDNEY TOKYO WASHINGTON, D.C. FOUNDED 1866 March 31, 2009 VIA EDGAR SUBMISSION AND FEDERAL EXPRESS United States Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549-3628 Attention: Ms. Song P. Brandon, Esq. and Mr. Dan Duchovny, Esq. Re: NRG Energy, Inc. Preliminary Proxy Statement on Schedule 14A Filed on March 17, 2009 by Exelon Corporation File No. 01-15891 DFAN 14A Filed on March 12, 2009 Filed by Exelon Corporation Ladies and Gentlemen: On behalf of Exelon Corporation (“Exelon”), we transmit herewith Amendment No. 1 (the “Amended Preliminary Proxy Statement”) to the Preliminary Proxy Statement on Schedule 14A of Exelon with respect to the 2009 annual meeting of NRG Energy, Inc. (“NRG”) stockholders filed with the U.S. Securities and Exchange Commission (the “Commission”) on March 17, 2009 (the “Preliminary Proxy Statement”). In this letter, we respond to the comments of the staff (the “Staff”) of the Commission contained in your letter dated March 26, 2009 (the “Letter”) with respect to the Preliminary Proxy Statement and Exelon’s soliciting materials filed with the Commission on March 12, 2009 pursuant to Rule 14a-12 under the Securities Exchange Act of 1934, as amended. For ease of reference, the numbered paragraphs below correspond to the numbered comments in the Letter, with your comments presented in italics. We also are forwarding copies of this letter via overnight courier, together with copies of the Amended Preliminary Proxy Statement showing the revisions made in response to the Staff’s comments. PREN14A filed March 17, 2009 General 1. Please confirm that you will post your proxy materials on a specified, publicly-accessible Internet Web site (other than the Commission’s EDGAR Web site) and provide record holders with a notice informing them that the materials are available and explaining how to access those materials. Refer to Release 34-56135 available at http://www.sec.gov/rules/final/2007/34-56135.pdf. U.S. Securities and Exchange Commission March 31, 2009 Pages 2 Response: We believe Exelon has complied with all the requirements of Rule 14a-16(n)(2) and Release 34-56135 for companies electing to use the full set delivery option. Exelon will post the definitive proxy statement on a publicly accessible Internet website and has included on page 34 of the Preliminary Proxy Statement the required notice informing holders that the materials will be available and explaining how to access such materials. Rule 14a-16 does not require a soliciting person to send a separate notice to record holders if the soliciting person incorporates all of the information required pursuant to Rule 14a-16(n) in its proxy statement. Therefore, we do not believe that the rules require Exelon to send a separate notice to the holders of record of NRG voting stock as the Staff requested. Reasons to Vote for the Exelon Proposals, page 6 2. Please expand your disclosure here and elsewhere to state that there is no assurance that NRG’s nominees will serve if elected with any of the Exelon nominees. Response: Exelon has revised the disclosure in the Amended Preliminary Proxy Statement in response to the Staff’s request. Other Information, page 33 3. We note your disclosure indicating that the proxies may be solicited by “mail, facsimile, courier services, telephone, telegraph, the Internet, e-mail, newspaper, advertisements and other publications of general distribution and in person.” Please note that all written soliciting materials, including any scripts to be used in soliciting proxies over the telephone or in person, must be filed under the cover of Schedule 14A. Refer to Rule 14a-6(b) and (c). Please confirm your understanding. Also, tell us whether you intend to solicit proxies through the use of any chat room. Response: On behalf of Exelon, we acknowledge the Staff’s comment and confirm that Exelon will file under the cover of Schedule 14A any written soliciting materials required to be filed pursuant to Rule 14a-6(b). Exelon currently does not intend to solicit proxies through the use of any Internet chat room. U.S. Securities and Exchange Commission March 31, 2009 Pages 3 DFAN 14A Filed on March 12, 2009 4. We note your statement from the transcript of the investor conference relating to NRG held on March 10, 2009. We note in particular the following language: “Today, they put out something that I haven’t fully read that suggests that somehow we’re going to raise our offer before the Annual Meeting.” It appears you are referring to the March 12, 2009 open letter issued to NRG stockholders by NRG. Based on our review of the letter, it appears your statement mischaracterizes the contents of the NRG March 12, 2009 open letter. Please confirm that you will refrain from making similar statements in future filings. Response: The statement on March 10 was not referring to the NRG letter to its stockholders dated March 12, 2009. The statement was referring to the open letter dated March 2, 2009 issued by NRG to certain business partners and associates of NRG (the “NRG Letter”). In the NRG Letter, NRG stated that the NRG Board believed the value of Exelon’s offer was inadequate and questioned the level of support that Exelon would obtain in the proxy contest. On behalf of Exelon, we submit that Exelon’s statement was not a mischaracterization of the contents of the NRG Letter. 5. We also note the following statement from the transcript: “Since we made that offer, it has become even better for NRG shareholders than it was when we made it—both because of changing gas prices, because of changing stock market conditions, and because of the potential carbon legislation.” Please provide us with support to substantiate your claims. Response: With respect to stock market conditions, on behalf of Exelon, we inform the Staff that assuming that the stock price of NRG common stock on the New York Stock Exchange (the “NYSE”) would have, in the absence of the Exelon exchange offer, maintained its historic relationship (95% correlation over the 12 months preceding October 17, 2008) to movement in the IPP index (an index of the stocks of Calpine Corporation, Dynegy Inc. Mirant Corporation and Reliant Energy, Inc.), NRG’s stock price would have declined approximately 54% since October 17, 2008 to approximately $9 at March 9, 2009, compared with its actual closing price of $17.40 on that date. During the same period, the price of Exelon common stock on the NYSE decreased only 20% to $43.84. On that basis, at March 9, 2009, Exelon’s exchange offer would represent a premium of over 136.25% for NRG stockholders, which is significantly larger than the 37% premium the exchange offer represents to the closing price of NRG common stock on the NYSE on October 17, 2008 based on the closing price of Exelon common stock on the NYSE on that date. Attached for the Staff’s reference are documents showing the movement of the price of NRG common stock relative to the IPP index. With respect to the impact of changing gas prices and the potential carbon legislation, Exelon notes the Staff’s comment and refers the Staff to the letter of even date herewith addressed to the Commission from Sidley Austin LLP on behalf of Exelon U.S. Securities and Exchange Commission March 31, 2009 Pages 4 and transmitted under separate cover (the “Supplemental Letter”). The Supplemental Letter includes support for Exelon’s statement with respect to the impact of changing gas prices and the potential carbon legislation. As noted in the Supplemental Letter, Exelon requests that the contents of the Supplemental Letter be afforded confidential treatment pursuant to Rule 83. 6. We also note the following statement: “Play-to-play” is a wonderful phrase in Illinois. It seems to be how you get to be a Senator, or so they say. It is not how we intend to acquire NRG. So that’s about as clear I can be on that.” In future filings, please explain what “Play-to-play” means. Additionally, in future filings, explain what your statement means. Are you addressing the board of NRG’s motives in rejecting your offer? In that regard, it appears your statement may implicate Rule 14a-9, which covers false or misleading statements, and in particular, material which directly or indirectly makes charges concerning improper, illegal or immoral conduct without factual foundation. Please refrain from making similar statements in future filings. Response: On behalf of Exelon, we submit that Exelon’s statement does not implicate Rule 14a-9. Exelon’s statement was not referring to the motives of the NRG Board of Directors. Instead, the statement was a response to NRG’s position (mentioned in the transcript immediately before the quoted passage in question) that before NRG would enter into negotiations with Exelon or allow Exelon to conduct due diligence, Exelon would need to increase the exchange ratio in the exchange offer.1 In other words, Exelon would need to pay (i.e., increase its offer) to play (i.e., conduct due diligence and/or negotiate with NRG). Exelon’s statement was simply a reaffirmation of what it had previously stated—namely, that “Exelon would not increase its offer without an opportunity to conduct due diligence designed to verify assumed values and identify additional value.” (Exelon’s Current Report on Form 8-K dated January 19, 2009) Closing Comments In connection with responding to our comments, please provide, in writing, a statement from the company acknowledging that: • the company is responsible for the adequacy and accuracy of the disclosure in the filing; • staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and 1 NRG has stated this position in several filings, including its letter to its staff dated January 20, 2009 and filed with the Commission under Rule 425 on January 20, 2009. In that letter, Mr. David Crane, Chairman and Chief Executive Officer of NRG, stated that “I met with Exelon yesterday at their request to discuss their unsolicited bid for NRG. In the meeting, Exelon wanted to discuss the possibility of conducting due diligence and negotiating a transaction. In response, we indicated that the price remained too low and that the risks and issues with the proposed transaction remain substantial.” U.S. Securities and Exchange Commission March 31, 2009 Pages 5 • the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. Response: Exelon notes the Staff’s comment and refers the Staff to the signed statement enclosed herewith from Exelon. If you have any questions regarding the foregoing or the Amended Preliminary Proxy Statement, please contact the undersigned at (312) 853-7783. Very truly yours, /s/ Scott R. Williams Scott R. Williams Enclosure cc: Bruce G. Wilson, Exelon Corporation Attachments EXC Close Price EXC index EXC Perf NRG Close Price NRG index CPN Close Price Market Cap RRI Close Price Market Cap DYN Close Price Market Cap MIR Close Price Market Cap IPP Index as of 10/18/07 Holidays Correlation 10/18/2007 77.00 100.0 % 0 % 46.90 100.0 % $ 0.0 $ 0 $ 26.0 $ 9,081 $ 9.0 $ 4,541 $ 43.1 $ 6,742 100.0 % 39408 10/19/2007 75.14 97.6 % (2 %) 46.00 98.1 % $ 0.0 $ 0 $ 25.0 $ 8,752 $ 8.5 $ 4,270 $ 42.2 $ 6,601 96.36 % 39441 100.0 % 10/22/2007 75.78 98.4 % (2 %) 45.12 96.2 % $ 0.0 $ 0 $ 25.1 $ 8,784 $ 8.6 $ 4,325 $ 41.9 $ 6,553 96.55 % 39448 84.6 % 10/23/2007 76.20 99.0 % (1 %) 44.84 95.6 % $ 0.0 $ 0 $ 25.3 $ 8,833 $ 8.5 $ 4,280 $ 42.0 $ 6,568 96.64 % 39468 81.0 % 10/24/2007 76.44 99.3 % (1 %) 44.85 95.6 % $ 0.0 $ 0 $ 25.2 $ 8,815 $ 8.5 $ 4,260 $ 41.3 $ 6,466 95.96 % 39496 84.1 % 10/25/2007 78.23 101.6 % 2 % 44.72 95.4 % $ 0.0 $ 0 $ 26.2 $ 9,161 $ 8.7 $ 4,380 $ 41.2 $ 6,451 98.17 % 39528 63.3 % 10/26/2007 80.22 104.2 % 4 % 44.80 95.5 % $ 0.0 $ 0 $ 27.0 $ 9,459 $ 8.8 $ 4,400 $ 41.3 $ 6,471 99.83 % 39594 34.3 % 10/29/2007 80.87 105.0 % 5 % 45.44 96.9 % $ 0.0 $ 0 $ 27.5 $ 9,620 $ 8.9 $ 4,476 $ 41.7 $ 6,521 101.24 % 39633 30.2 % 10/30/2007 80.96 105.1 % 5 % 45.66 97.4 % $ 0.0 $ 0 $ 27.4 $ 9,581 $ 8.8 $ 4,446 $ 42.2 $ 6,600 101.29 % 39692 33.4 % 10/31/2007 82.78 107.5 % 8 % 45.66 97.4 % $ 0.0 $ 0 $ 27.5 $ 9,627 $ 9.2 $ 4,632 $ 42.4 $ 6,632 102.59 % 39779 35.0 % 11/1/2007 81.18 105.4 % 5 % 44.50 94.9 % $ 0.0 $ 0 $ 26.8 $ 9,385 $ 8.9 $ 4,466 $ 41.8 $ 6,551 100.19 % 39807 25.3 % 11/2/2007 81.77 106.2 % 6 % 45.42 96.8 % $ 0.0 $ 0 $ 27.2 $ 9,529 $ 8.9 $ 4,481 $ 42.6 $ 6,675 101.57 % 39814 25.4 % 11/5/2007 83.92 109.0 % 9 % 45.40 96.8 % $ 0.0 $ 0 $ 27.4 $ 9,592 $ 9.0 $ 4,506 $ 43.0 $ 6,733 102.29 % 39832 24.9 % 11/6/2007 83.88 108.9 % 9 % 45.68 97.4 % $ 0.0 $ 0 $ 27.5 $ 9,620 $ 9.3 $ 4,652 $ 43.0 $ 6,729 103.13 % 39860 28.4 % 11/7/2007 81.66 106.1 % 6 % 44.21 94.3 % $ 0.0 $ 0 $ 26.1 $ 9,140 $ 8.8 $ 4,426 $ 42.3 $ 6,623 99.14 % 28.1 % 11/8/2007 83.36 108.3 % 8 % 43.84 93.5 % $ 0.0 $ 0 $ 25.7 $ 8,994 $ 8.5 $ 4,265 $ 42.4 $ 6,639 97.70 % 34.0 % 11/9/2007 82.36 107.0 % 7 % 41.74 89.0 % $ 0.0 $ 0 $ 25.3 $ 8,833 $ 8.3 $ 4,174 $ 37.5 $ 5,873 92.71 % 62.1 % 11/12/2007 79.15 102.8 % 3 % 40.52 86.4 % $ 0.0 $ 0 $ 25.7 $ 8,980 $ 8.2 $ 4,134 $ 37.0 $ 5,793 92.84 % 72.1 % 11/13/2007 79.23 102.9 % 3 % 40.95 87.3 % $ 0.0 $ 0 $ 25.5 $ 8,927 $ 8.2 $ 4,124 $ 37.2 $ 5,831 92.72 % 77.6 % 11/14/2007 79.41 103.1 % 3 % 40.71 86.8 % $ 0.0 $ 0 $ 25.6 $ 8,945 $ 8.4 $ 4,209 $ 37.8 $ 5,923 93.68 % 79.8 % 11/15/2007 79.28 103.0 % 3 % 40.16 85.6 % $ 0.0 $ 0 $ 25.7 $ 8,973 $ 8.2 $ 4,099 $ 37.8 $ 5,914 93.23 % 81.7 % 11/16/2007 79.80 103.6 % 4 % 39.62 84.5 % $ 0.0 $ 0 $ 25.8 $ 9,022 $ 8.2 $ 4,114 $ 37.5 $ 5,875 93.35 % 82.7 % 11/19/2007 79.82 103.7 % 4 % 39.52 84.3 % $ 0.0 $ 0 $ 25.7 $ 8,994 $ 7.9 $ 3,968 $ 36.9 $ 5,779 92.03 % 84.7 % 11/20/2007 81.16 105.4 % 5 % 39.55 84.3 % $ 0.0 $ 0 $ 25.4 $ 8,868 $ 7.7 $ 3,862 $ 36.8 $ 5,760 90.80 % 86.6 % 11/21/2007 80.30 104.3 % 4 % 39.19 83.6 % $ 0.0 $ 0 $ 24.5 $ 8,584 $ 7.4 $ 3,737 $ 36.6 $ 5,726 88.62 % 88.3 % 11/23/2007 80.64 104.7 % 5 % 39.14 83.5 % $ 0.0 $ 0 $ 24.7 $ 8,626 $ 7.4 $ 3,701 $ 37.0 $ 5,795 88.99 % 89.5 % 11/26/2007 80.12 104.1 % 4 % 39.78 84.8 % $ 0.0 $ 0 $ 25.6 $ 8,959 $ 7.3 $ 3,671 $ 36.8 $ 5,765 90.33 % 90.2 % 11/27/2007 81.05 105.3 % 5 % 39.90 85.1 % $ 0.0 $ 0 $ 25.2 $ 8,819 $ 7.4 $ 3,696 $ 36.4 $ 5,702 89.46 % 90.7 % 11/28/2007 82.30 106.9 % 7 % 41.78 89.1 % $ 0.0 $ 0 $ 25.5 $ 8,903 $ 7.7 $ 3,877 $ 37.9 $ 5,936 91.90 % 90.4 % 11/29/2007 81.78 106.2 % 6 % 42.23 90.0 % $ 0.0 $ 0 $ 26.3 $ 9,214 $ 7.6 $ 3,822 $ 38.6 $ 6,036 93.65 % 90.4 % 11/30/2007 81.07 105.3 % 5 % 42.39 90.4 % $ 0.0 $ 0 $ 26.0 $ 9,109 $ 7.6 $ 3,827 $ 38.6 $ 6,042 93.19 % 90.2 % 12/3/2007 82.43 107.1 % 7 % 42.22 90.0 % $ 0.0 $ 0 $ 26.6 $ 9,315 $ 7.9 $ 3,993 $ 38.5 $ 6,028 94.95 % 90.2 % 12/4/2007 84.08 109.2 % 9 % 41.57 88.6 % $ 0.0 $ 0 $ 27.6 $ 9,655 $ 8.0 $ 4,003 $ 38.7 $ 6,052 96.78 % 89.4 % 12/5/2007 86.13 111.9 % 12 % 42.52 90.7 % $ 0.0 $ 0 $ 27.7 $ 9,672 $ 8.2 $ 4