Why Portland General Electric Stock Plunged 14% at the Open on Aug. 25
Shares of Oregon-based utility Portland General Electric (NYSE: POR) fell as much as 14% out of the gate on Aug. 25. The key driver of the decline was a company update released after the close on Aug. 24. Investors were clearly displeased with the news.
The headline number from the utility's third-quarter update was the $104 million in realized losses. But it could get worse, with Portland General Electric projecting realized losses for the quarter to be as high as $155 million, depending on market conditions. These losses are tied to the company's energy trading portfolio, with management noting that there was no impact on the utility side of the business. It also stressed that it would not be altering its long-term earnings or dividend plans and that it remains financially sound.
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Source Fool.com
