QUICK SPARK: Edison Stock Craters 24% In Worst Day Since 2001
Piero Cingari 2 months ago
Equities
Edison International plunged 24% Monday after California lawmakers left investor-owned utilities on the hook for wildfire liability.
Edison International (NYSE:EIX) plunged 24% on Monday, its worst single session since the 2001 California energy crisis, when the stock shed more than 35% in a single day.
The blow came from Sacramento. Ahead of Monday’s legislative deadline, California lawmakers rejected a proposal to strip insurers of their subrogation rights, then introduced a wildfire bill Saturday that leaves investor-owned utilities squarely on the hook for fire liability.
On Monday, Mizuho cut its rating to Neutral and slashed its price target to $70 from $86, as showed by Benzinga Analyst Ratings.
Peer PG&E Corp. (NYSE:PCG) was caught in the wreckage, down 19%.
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