Checking the Bottom LineOne of the first skeptics on Enron was James Chanos, head of New York-based investment firm Kynikos Associates, which has sold short shares in Enron. Chanos started looking at the giant energy trader toward the end of last year, when it was trading at over $80. What caught his attention was Enron's low return on capital. Sure, the company was posting impressive earnings-per-share growth -- over 30% at the end of 2000.
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Enron, Calpine dropping sharply