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Why Were the S&P 500 and Dow Weaker on March 8?

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Part 3
Why Were the S&P 500 and Dow Weaker on March 8? PART 3 OF 3

Utilities Sector Weighed on the US Market on March 8

Utilities sector

After consolidating for a week, the utilities sector fell to two-week low levels on March 8. The S&P 500 Utilities sector fell 1.5% on Wednesday. Scana (SCG), AES (AES), and Entergy (ETR) were the top losers in the utilities sector on March 8.

Utilities Sector Weighed on the US Market on March 8

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AES fell three-month low levels

AES, which generates and distributes electricity, fell 2.3% on Wednesday. Weakness in the sector weighed on AES’s stock prices. On Wednesday, it broke the low created on February 27 due to the weaker earnings report. According to the recent earnings report, yearly revenues in 2016 were $13.59 billion—a fall of 4% compared to revenue figures the previous year. It also provided earnings guidance for 2017 at $1–$1.05 per share. According to the announcement on Wednesday, CEO and president Andrés Gluski’s compensation for 2016 was $9 million—higher than $8.1 million in 2015. On March 8, AES closed the day at $11.07—the lowest levels since December 1, 2016.

Public Service Enterprise

Public Service Enterprise (PEG), a diversified energy company headquartered in New Jersey, fell 1.3% on Wednesday. Weakness in the sector and lower price targets by some analysts weighed on the stock. Goldman Sachs decreased its price target from $48 to $47. JPMorgan cut its price target from $49 to $48. Public Services Enterprise applied to get approval from the New Jersey Board of Public Utilities for energy efficiency programs. It wants to invest $74 million to authorize two new initiatives and extend three energy efficiency programs.

On March 8, Public Service Enterprise fell to $43.96—the lowest close since February 17.

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