Utilities stocks broadly lower as risk assets rally for second straight day
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Utilities stocks dominate the list of the S&P's biggest losers Tuesday, as investors shunned safe haven stocks as risk assets rallied for the second straight day.
The utilities sector is the day's worst performer, -2.9%, with 12 of the 15 biggest losers coming from the group: Consolidated Edison (ED) -4.5%, Atmos Energy (ATO) -4.5%, WEC Energy (WEC) -4.4%, Alliant Energy (LNT) -4.3%, Ameren (AEE) -4.3%, Xcel Energy (XEL) -4.3%, CenterPoint Energy (CNP) -4.2%, CMS Energy (CMS) -4.2%, NiSource (NI) -3.9%, American Electric Power (AEP) -3.8%, American Water Works (AWK) -3.6%, Dominion Energy (D) -3.6%.
Utility stocks have largely sold off since August, and many stocks in the sector are trading at double-digit discounts to historical valuations, Eric Landis writes in an analysis newly published on Seeking Alpha.