Reliant Energy

(REI) - Get Report

was down over 30% for the week on news that the company will delay its year-end results while a subsidiary,

Reliant Resources


, sorts out its revenue recognition problems. The problems came to light in the wake of



reports of transactions involving simultaneous purchases and sales with the same counterparty at the same price. Reliant believes it had "similar transactions," and the company expects its 2001 earnings to improve, while 2002 and 2003 results drop after the restatement. Reliant Resources canceled its $500 million debt placement due Tuesday after the irregularities came to light.