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Reliant Resources Swings to Surprise Loss
Reliant Resources(RRI Quote) swung to a loss in the second quarter as a steep rise in natural gas prices and the cost of a debt overhaul offset higher revenue.
The company also completed a plan to carve $140 million from its annual expenses and named former National Oilwell (NOI Quote) executive Joel Staff chief executive, replacing the recently resigned Steve Letbetter.
Shares were recently down 42 cents, or 8.4%, to $4.56 on the Instinet premarket session. ...
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