Why Did Wall Street Rise on September 27?

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Part 4
Why Did Wall Street Rise on September 27? PART 4 OF 5

SCANA: S&P 500’s Top Loser on September 27

Top losers

The S&P 500’s top losers on September 27, 2017, were:

  • SCANA (SCG) fell 7.8%.
  • Delphi Automotive (DLPH) fell 4.2%.
  • Kimco Realty (KIM) fell 3.7%.
  • Iron Mountain (IRM) fell 3.1%.
  • Welltower (HCN) fell 2.7%.

SCANA: S&amp;P 500’s Top Loser on September 27

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SCANA, which is an energy-based holding company, was the S&P 500’s top loser on September 27. After starting the week on a stable note, SCANA pulled back on Tuesday and fell to two-year low price levels on Wednesday.

The already weak stock fell lower on September 27. SCANA sold the guaranty settlement payments from Toshiba to CitiBank as compensation for the failed construction of the nuclear project in Fairfield County. The project was handled by the nuclear contractor Westinghouse. In July, Toshiba, which is the parent company of Westinghouse, agreed to pay a $2.17 billion settlement to SCANA and state-owned Santee Copper in installments.

According to Kevin Marsh, SCANA’s chairman and CEO, considering the bankruptcy filed by Westinghouse in March and financial instability in Toshiba, management decided to mitigate the risk by realizing the payments upfront. SCANA sold the Toshiba guaranty settlement payments to CitiBank for $1.84 billion—$1.01 billion will be received by SCANA and $831.2 million by Santee Copper. Management said that the money is being used to keep customer rates from increasing.

Despite the strong market on Wednesday and the elimination of credit risk, the stock fell. On September 27, SCANA fell 7.8% and closed the day at $51.22.

In the next part, we’ll discuss how Delphi Automotive (DLPH) performed on September 27.


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