Enron Online

Enron (ENE Quote), in case you haven't heard, is an Internet company now.

Oh sure, the Houston-based company still gets nearly all of its revenue ($40 billion in 1999) from operations related to natural gas and other energy businesses. But its stock is up far more than other energy companies -- 75% since late last year, from around 40 to the low 70s. That's when Enron really started talking up its home-grown efforts in online trading and broadband Internet services.

Not only has Enron convinced the Street that it's an Internet play, it's done something even more remarkable: It has taken on the Internet identity and, in a market where most business-to-business Internet stocks have been trounced, Enron has continued to rise. Content-delivery upstart Akamai (AKAM Quote), for example, a competitor to one major line Enron is establishing, is down 66% since Jan. 20, when Enron met with its analysts. ...