If you look at the drop, you see that the big drop took place
on normal volume with only a few block trades over 50,00. Then the last hour you get large block trades dropping it to 40.01 and a recovery into the 40,20s. Of course, after hours, you get at a few thousands moving it to 40.11 a share. Unless someone has insider information on something negative, it looks like institution dumped the stock in large numbers once it hit its 52 week low. It doesn't look like FE will cut its dividend and the earnings will turn around after the initial effects of Sandy. I don't see massive liquidation by insiders. Even though Alexander sold 29,744 share last week, he still owns 346,727 directly. If he thought the company was in trouble, I would imagine he would have sold 100,000 shares or more Watch and learn.
PS: These insiders still hold the following number of FE total shares.
ALEXANDER ANTHONY J....451,977 total shares
CAVALIER LYNNETTE M... 72,707
JONES CHARLES E ...57,546
VESPOLI LEILA L...50,978
LASH JAMES H....42,048
EVANSON PAUL J...33,915
CARTWRIGHT CAROL A...30,319
they were trading above average volume all day. they ended up doubling average volume. still the only thing i could find was someone said a n.y. panel on utilities said since utilities were monopolies, they should face tougher penalties for bad service or behaviors. translation- a shake down after sandy. maybe people are worried this could affect the dividend, i don't know. i was thinking of loading up on fe, but i don't know. its just weird how so many can get inside knowledge and sell to people who are not privy to the same knowledge. there still is nothing public to be found.
It looks like what we are seeing is the beginning of a perfect storm for long-term investors. The stock is getting sold off due to fears regarding a dent in earnings because of Super Storm Sandy but the long-term story is the same. The dividend seems very strong and secure at $2.20 and this will mean for the patient investor who starts accumilating shares at this prices in the long-term should be awarded handsomely. There is of course risk in this strategy to acquire shares now because no one knows when it will bottom but then again no one should be in the investment game if they are fearful of risk. I have changed myself from a hold position to a weak buy position until more information comes out on earning. That is my two cents for what its worth and I did acquire a few more shares yesterday after FE has dropped to roughly a dollar and will acquire more soon dependent on the behavoir of the stock over the next few days.