CEG is on track for its worst day on record
Utility stocks are hurting amid news that the Federal Energy Regulatory Commission (FERC) rejected an amended interconnection service agreement between Amazon.com (AMZN) and Talen Energy (NASDAQ:TLN) at the latter's nuclear power plant. Let's take a closer look at TLN's response, and check in with its sector peers Constellation Energy Corp (NASDAQ:CEG) and Vistra Corp (NYSE:VST).
TLN is down 2.4% to trade at $169.74 at last glance, pulling back from a rally that fell short of the $190 level. The 60-day moving average is keeping these losses in check, though, as it did in October when shares pulled back from a Sept. 26, all-time peak of $197.61. In the last 12 months, TLN added nearly 220%.
CEG is one of the worst stocks on the SPX, down 11.1% to trade at $229.47 at last check. In addition to the downbeat sector news, the company is brushing off strong third-quarter results after its 2024 outlook missed the mark. CEG is pacing for its worst day ever and earlier fell to its lowest level since September. For 2024, shares still boast a 96.6% lead.
VST was last seen 2.6% lower to trade at $116.44, while testing support from its 40-day trendline. Shares have been trekking lower since a failed attempt to conquer their Oct. 7, record high of $143.86, and are pacing for their fourth loss in the last five sessions. So far this year, VST has added over 202%.