Evening Update: NRG Energy IPO Priced Below Range at $15 a Share

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Earnings/revenue Miscellany

Salomon Smith Barney priced 28.17 million shares of NRG Energy (NRG Quote) at $15 a share, below the estimated $16 to $18 range. The company is a wholly owned unit of Northern States Power (NSP Quote), one of the largest independent power generators in the U.S.

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In other postclose news (earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Fiber optic subsystem provider Finisar (FNSR Quote) posted first-quarter earnings of 2 cents a share, a penny better than the seven-analyst estimate and the year-ago earnings.

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Miscellany

Steel container maker U.S. Can (USC Quote) said the parties who have offered to recapitalize the firm have cut the planned payout to shareholders to $20 a share from $21. The reduction is due to adverse developments in the U.S. high-yield debt market and weaker-than-expected results for the rigid packaging industry, the company said.

The Federal Communications Commission said it will soon propose easing rules that require Viacom (VIA Quote) to sell off some television stations as part of its acquisition of CBS. The FCC said the proposal would also loosen rules prohibiting a company from owning two television networks.

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