Why American Electric Power's Stock Is Tumbling Today
Shares of American Electric Power (NYSE: AEP) fell as much as 10% in early morning trading on Monday, though the stock did recover some of those losses and was only down about 7% by 11:45 a.m. EDT. Weighing on the utility stock was a report in the Columbus Dispatch that a non-profit wholly supported by the company contributed money to campaigns tied to the passage of Ohio's House Bill 6.
Last week, FBI agents arrested Ohio's House Speaker Larry Householder and four others as part of an alleged scheme to have taxpayers in the state bail out two troubled nuclear power plants formerly owned by FirstEnergy (NYSE: FE). That news rocked shares of that utility, which tumbled last week.
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Source Fool.com
