Constellation Energy Corp. (NASDAQ:CEG) is one of the 10 Stock Market Casualties You Can’t Ignore Today.
Constellation Energy dropped its share prices by 10.90 percent on Friday to close at $281.99 apiece, as investor sentiment was dampened by a combination of price target downgrades and broader market pessimism.
In a market note, JPMorgan slashed its price target for Constellation Energy Corp. (NASDAQ:CEG) to $400 from $410 previously, but maintained an “overweight” rating for its stock.
In other developments, Constellation Energy Corp. (NASDAQ:CEG) mirrored a wider market sentiment, with Wall Street’s three main indices all finishing in the red, after President Donald Trump’s announcements suggesting that the US and Israel’s war on Iran is far from over. According to Trump, he was not at all interested in a ceasefire with Iran.
Uncertainties aside, Constellation Energy Corp. (NASDAQ:CEG) on Wednesday raised $5 billion in fresh funds following the successful sale of approximately 4.4 gigawatts of natural-gas-fired generation capacity in Delaware and Pennsylvania.
The sale forms part of its compliance with the Department of Justice’s requirements following an antitrust review of its acquisition of Calpine Corp., the largest natural gas producer in the US.
“This transaction is an important step in satisfying the DOJ’s requirements and advancing our path forward,” said Constellation President and CEO Joe Dominguez.
“These are well-run facilities that will continue powering consumers and businesses for decades to come. We’re pleased to be moving ahead and expect to complete the remaining DOJ requirements later this year.”
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