Wall Street dumps Enron

WASHINGTON (CNN) -- The New York Stock Exchange suspended trading of Enron stock on Tuesday and moved to formally de-list the firm, whose shares once were priced at $84 each but now trade for less than $1.

Officials at the stock exchange cited the company's bankruptcy, its uncertain future and the deep decline in the value of the stock. The once high-flying energy company can appeal the decision to de-list its stock.

"The exchange has determined that the company securities are no longer suitable for trading on the NYSE," Ray Pellecchia, a NYSE spokesman.

EXTRA INFORMATION View our interactive guide to Enron's fall    VIDEO Enron's collapse caught many employees off-guard, leaving them to salvage what they can of their careers. CNN's Ed Lavandera reports (January 15) Play video (QuickTime, Real or Windows Media)

Enron Corp. marketed electricity and natural gas, delivered energy and other physical commodities, and provided financial and risk management services to customers around the world.

The company was one of the world's leading energy, commodities and services companies and boasted revenues of $101 billion in 2000.

Enron was based in Houston, Texas and employed 21,000 people. It was formed in July 1985 as a result of the merger of Houston Natural Gas and InterNorth of Omaha, Nebraska.

Enron filed for bankruptcy last month, the largest such filing in American corporate history. The once-powerful energy giant finds itself the target of several investigations, including one by the Justice Department, another by the Securities and Exchange Commission and several by various congressional committees and subcommittees.

At issue is whether Enron defrauded its own employees and investors, publicly proclaiming financial health, even though top executives knew the corporation was in trouble and dumped Enron stock.