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FirstEnergy Auction Results Disappoint, Stock Down

Stock quotes in this article: FE  

NEW YORK (AP) — Results from FirstEnergy Corp.'s Ohio energy supply and pricing auction came in below analyst expectations, prompting downgrades and a tumble in stock price Friday.

Shares of the regional electric utility dropped $4.68, or 11.5 percent, to $35.68 in Friday morning trading. The stock earlier traded as low as $35.26, a level not seen since December 2003.

After the close of the market Thursday, the company said nine successful bidders secured a portion of the Ohio utility companies' total energy needs. ...

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