Calpine's 20 Quarter chart identifies a reversal of its negative (Red) OPS to a positive (Green) OPS quarter as compared to its previous first quarter. Compare items B and C. Calpine's EPS reverses from a positive (Black) EPS to a negative (Gray) OPS quarter as compared to its previous first quarter. Several Wall Street firms became bearish and issued sell recommendations on Calpine based on the negative (Gray) EPS anomaly (see item C) that occurred for the first time in Calpine's most recent 20 quarters. With Calpine shares trading near a 5 year low of $1.55, Wachovia Securities downgrades it from a "buy" to a "hold" on October 30, 2002. However, Calpine's positive (Green) OPS for the same 1st quarter gave an extremely bullish signal as its OPS was a "record" as compared to any of its previous five first quarters. Compare to all previous five first quarters. Also, Calpine's shares were trading at $54.07 when its OPS turned from positive (Green) to negative (Red) giving it a strong bearish signal for the first time in 17 quarters. See item B and compare to item A.

Calpine shares trade at $2 when Money Magazine's November 2002 issue lists it as a StockDiagnostics.com pick. Additionally, the OPS Newsletter names Calpine as an OPS Bargain on 10/28/02 with its shares trading at $2.00. On November 22, 2002, Calpine shares close at $4.06 up over 100% for the month of November.