Sierra Pacific Rebounding From Monday's Selloff

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Sierra Pacific (SRP) was rebounding Wednesday after selling off sharply earlier this week. The stock was lately up 11.8% to $9.01. Sierra lost more than 30% Monday after the state of Nevada denied a request from one of the company's units to recover hundreds of millions of dollars of costs related to last year's energy crisis in California. Nevada Power, the Sierra unit, was hoping to recover $922 million, but the Nevada Public Utilities Commission determined that the company was entitled to get back $485 million.