The Globe and Mail reports in its Monday edition that Enbridge ($48.63) is holding its annual investor conference on Dec. 12. The Globe's David Milstead writes that Enbridge spooked investors in early November with its third quarter earnings report, which failed to reiterate its dividend growth goals. The stock then careened below $44. Last Thursday, Enbridge said it will improve its balance sheet with a multibillion-dollar package of asset sales, new stock sales and borrowings. This sent the shares up. They are now nearly back to their predisappointment levels. Enbridge said it will continue to finance its "industry leading secured growth program." As well, it will also increase its dividend by at least 10 per cent annually, as previously expected. Mr. Milstead says Enbridge has no business paying a dividend in the first place (certainly not one as generous as this, $2.684 yearly per share, for a yield of more than 5 per cent). Since Enbridge thinks it can still do it all, it is more a reason to get out of the stock than buy in. It has convinced investors with its earnings announcements that it is an income stock with a healthy dividend, when in fact the official cash-flow statement suggests otherwise.