Why SCANA, Glaukos, and Juno Therapeutics Slumped Today
The stock market kept going up on Monday, with the S&P 500 setting another record and other major benchmarks finishing higher by as much as half a percent. Investors shrugged off scary news of an explosion in New York City and instead focused on the likelihood of tax reform and economic progress moving into 2018. Yet even though the overall market continued its upward trend, some stocks missed out on the rally. SCANA (NYSE: SCG), Glaukos (NYSE: GKOS), and Juno Therapeutics (NASDAQ: JUNO) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.
Shares of SCANA fell over 7% after the parent company of South Carolina Electric & Gas said it would offer to give fellow utility company Santee Cooper the land on which SCANA had initially intended to build a nuclear reactor. The principal contractor on the project declared bankruptcy earlier this year, and that led SCANA and Santee to abandon their joint venture to build the reactor back on July 31. SCANA is trying to give up the property in order to claim a tax loss of roughly $2 billion, getting back a portion of the much larger amount that it has spent on the project thus far. Nevertheless, customers will end up footing a big part of the bill on the project without necessarily ever getting any power from it.
Image source: SCANA.
Source: Fool.com
