). In a note to clients, Deutsche Bank writes, "Q4 results were below expectations as costs were likely brought forward before the close of the AYE merger. Hedge additions were substantial despite reduced OH POLR participation as new target markets have opened up. FE's financial position looks stronger given asset sales and tax benefits, which should alleviate some credit concerns. We maintain our Hold rating and see FE as fairly valued, though the stock could be volatile given two near-term catalysts in the post-AYE merger Analyst Day to be held as soon as early April and the May RPM auction." Shares of FE lost 78 cents yesterday to close at $38.42, a loss of 2%.