Corporate
news flow has been slow this session. However, Exelon (EXC 49.42,
-2.14) did announce this morning that it has increased its exchange
offer to acquire NRG Energy (NRG 24.76, -1.29). Exelon is now offering
to exchange for each NRG share 0.545 of EXC shares. The exchange rate
marks a 12% increase over the initial exchange offer of 0.485. However,
as of the prior session's close, shares of EXC are down roughly 5.5%
since the initial offer was made back in October.
Following this
morning's announcement, Exelon affirmed its second quarter and
full-year earnings guidance, which call for earnings from $0.95 to
$1.05 per share in the second quarter and earnings from $4.00 to $4.30
per share for the year.