Why Shares of Consolidated Edison Plunged 20% in the First Half of 2020
Underperforming the market through the first six months of 2020, Consolidated Edison (NYSE: ED) tumbled 20.5%, according to data from S&P Global Market Intelligence, while the S&P 500 fell 4%. The utility's inability to keep up with the overall market is a familiar refrain over the past two years. In 2019, for example, shares of Con Edison climbed 18% while the S&P 500 soared 29%, and in 2018, the stock sank 10% as the S&P 500 dipped 6%.
While investors will often turn to utility stocks during periods of market volatility, this wasn't the case with Con Edison in the first half of 2020. Due to a variety of downgrades, a weak Q1 earnings report, and a downward revision in management's 2020 forecast, investors fled their positions in Con Edison's stock.
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Source Fool.com
