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Article: Stock Drops Again at Pennsylvania's Peco Energy.(Originated from The Philadelphia Inquirer)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- January 29, 1997
- Author:
CopyrightCOPYRIGHT 1997 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jan. 29--Peco Energy's stock dropped Tuesday for the second straight day in the wake of negative reports by Wall Street analysts who projected declining earnings and a possible dividend cut.
The company's stock tumbled $1.38, to $22.63, on volume of more than 3.7 million shares, five times the average. Tuesday's decline followed a $1.50 drop Monday, when Peco reported disappointing earnings.
Merrill Lynch analyst Steven L. Fleishman Monday downgraded Peco's stock and predicted that the board would slash its annual dividend to $1.20 to $1.40 in October.
Tuesday, three other analysts downgraded Peco stock, including Oppenheimer & Co. ...