Clear Sailing To The Low 20's For This Deteriorating Laggard
Earnings ended up being a disaster event. FE has garnered no institutional defense as it has plummeted straight downward through various longstanding technical support levels. Downgrtades have no even begun to kick in yet. Look for them, as FE has already been placed in the poopcan and the downgrades will act as the flush. This is probably the worst utility stock in the nation as evidenced by its outperformance to the downside from 52 on down in a virtual straight line.Today again it leads the sector in downside. You should get a chance at troughing about 15 points further down, about a 40% easy short. No reason to get in the way of this debacle on the long side.
Actually FE deserves to lose about 80% off its infloated mkt cap at the high in the 80's. High teens seems fair. Dividend will have to come down in line. FE insiders can then take the dividend savings and award themselves more bo9nuses and also more shares they can dump. They will have to award even more shares as they have ruined the stock price through mismanagement and selling.