After the group of utilities we have added some color on why these stocks are performing the way they are, what the upside could still be, and other macro issues.  To show how bad the group has been with many of its top components down about 10% from their recent highs, the Utilities Select Sector SPDR (NYSE: XLU) is down almost 3.5% from its recent highs.

American Electric Power Company (NYSE: AEP) trades around $38.00 and the stock is down from a 52-week high of $41.98.  Its dividend now screens out at roughly 5% and the consensus analyst price target is $41.67.  AEP trades at 12.1-times expected 2012 earnings estimates.  While it may have had an issue over rate hikes in Ohio, this one is very diversified and our take is that the fears of its coal plants may have gone too far as analysts are playing tug of war.

Constellation Energy Group, Inc (NYSE: CEG) trades around $36.40 and the stock is down just from a 52-week high of $40.97.  Its dividend now screens out at roughly 2.6%, which has been under our dividend criteria for this sector.  The consensus analyst target is $41.25.  Constellation trades at 15-times expected 2012 earnings estimates.  This one is outside of our parameters except that it was down the most in the Finviz.com screen on a year to date basis.

Exelon Corporation (NYSE: EXC) trades around $39.20 and the stock is down just over 10% from a 52-week high of $45.45.  Its dividend now screens out at roughly 5.3% and the consensus analyst price target is $43.65.  Exelon trades at 12.9-times expected 2012 earnings estimates.

Public Service Enterprise Group (NYSE: PEG) trades around $30.65 and its stock is down over 13% from its 52-week high of $30.65.  Its dividend yield is about 4.7% and the consensus price target is $33.07.  This one trades at about 12.7-times expected 2012 earnings estimates.

The good news on coal is that prices are cheap.  Ditto for nat-gas.  The bad news is that the EPA and other pressuring forces are trying to move to less coal in a manner which may be too fast.  AEP and others in this sector are already lobbying to alleviate some pressures.

You see that the ones we generally prefer tend to have dividend yields of close to 5%.  This sounds great and it is better than our median targets in our 2012 Model Dividend Portfolio of which AEP is a member.  One critical issue is that Obama’s dividend tax aspirations could significantly lower the need to chase yield among the high-income earners in America.  Could the wealthy dividend investors feel crowded out of income stocks?

Oil prices have risen enough that if they remain high you should just expect that the rest of the energy basket will rise.  Can nuclear really get a foothold ahead?  We think so, but it won’t happen overnight.

There are two more pieces of macroeconomic bits working in favor of these utilities.  Unemployment is getting better and that allows younger workers to go out and rent houses, townhouses, or apartments.  The U.S. is not appearing to slide into a new recession as so many investors believed was happening in late-2011.  Overall business activity is holding up, and that in turn means more electric power consumption.

The downside of the better economy is that the current environment is favoring a “risk-on” mentality among investors.  In a climate of risk-on, investors want growth over safety in dividends with earnings stability.

The reversal in Ohio is far from a welcome wagon and we have seen some ratings agencies weigh in that this could impact some utilities.

After it is all said and done, investors have to always pick their poison.  Many of these great companies almost never pull back more than 10% from their highs except in points of market crisis or in a real bear market.  When that happens, investors who want equity exposure at least increase their weighting in utilities because of the high yields and defensive stock positions.

What poses the biggest risk to utilities in our view?  Another 10% market rally ahead of continued recovery.

Picking an exact bottom is a fool’s game.  You probably haven’t seen the exact bottom on the utility sector, but these are getting very close to being true bargains for investors with a long-term investing outlook in what is likely to still be a low-growth environment.

JON C. OGG

The unofficial closing bells put the DJIA up nearly 46 points to 12,949.95 (0.36%), the NASDAQ fell more than 8 points (-0.27%) to 2,951.78, and the S&P 500 rose 0.23% or more than 3 points to 1,361.22.

There were several analyst upgrades and downgrades today, including Chesapeake Energy Corp. (NYSE: CHK) raised to ‘buy’ at Stifel Nicolaus; Wynn Resorts Ltd. (NYSE: WYN) reiterated as ‘outperform’ with a target price of $145 at Credit Suisse; Comcast Corp. (NASDAQ: CMCSA) cut to ‘hold’ at Argus; Ralph Lauren Corp. (NYSE: RL) raised to ‘buy’ with a price target of $202 at Argus; and Dell Inc. (NASDAQ: DELL) cut to ‘neutral’ at Baird.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Constellation Energy Group Inc. (NYSE: CEG) is down -0.38% at $36.53 (more coverage here); Enbridge Inc. (NYSE: ENB) is down -3.9% at $37.86; SunPower Corp. (NASDAQ: SPWR) is up 11.6% at $8.35 ;(more coverage here); H.J. Heinz Co. (NYSE: HNZ) is up 4.3% at $54.35; and Campbell Soup Co. (NYSE: CPB) is up 2.6% at $32.90 (more coverage here).

Other standouts from today include the following stocks:

Demand Media Inc. (NYSE: DMD) is up nearly 32% at $7.83. The Internet media company reported better-than-expected earnings last night.

Blue Dolphin Energy Co. (NASDAQ: BDCO) is up more than 25% at $10.87 after posting a new high of $11.60 earlier today. The pipeline and oil & gas producer has no news, but crude prices are rising today and Blue Dolphin is likely thought of as an acquisition target.

Cell Therapeutics Inc. (NASDAQ: CTIC) is up 23% at $1.37. The drug maker received a positive opinion for approval of its non-Hodgkin lymphoma drug from a European regulator.

Gilead Sciences Inc. (NASDAQ: GILD) is down nearly -15% at $46.74. The drug maker reported a setback on its hepatitis C trials. More coverage here and here.

Superconductor Technologies Inc. (NASDAQ: SCON) is down nearly -18% at $1.03 after posting a new 52-week low of $0.90 earlier today. The superconductor materials company completed a private placement of 4.6 million shares at $1.05/share. We have more coverage here.

US markets are closed Monday in observance of the President’s Day holiday.

Stay tuned for Tuesday. We have noted the following events on the schedule (all times Eastern):

• 11:30 a.m. – 6-month bill auction
• 1:00 p.m. – 2-year note auction

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Have a great holiday weekend.

Paul Ausick

AstraZeneca PLC (NYSE: AZN) Cut to Underweight at JPMorgan.
BlackRock, Inc. (NYSE: BLK) Cut to Neutral at Stern Agee.
Broadcom Corp. (NASDAQ: BRCM) Reiterated Buy with $46 price target at Argus.
Constellation Energy Group, Inc. (NYSE: CEG) Cut to Neutral at Citigroup.
Consolidated Edison Inc. (NYSE: ED) Cut to Neutral at Citigroup.
eBay Inc. (NASDAQ: EBAY) Reiterated Buy with $40 price target at Argus.
LM Ericsson Telephone Co. (NASDAQ: ERIC) Cut to Neutral at Credit Suisse.
Exelon Corporation (NYSE: EXC) Cut to Neutral at Citigroup.
Google Inc. (NASDAQ: GOOG) downgraded to Hold at Benchmark; Raised targets at boutique firm Global Equities Research.
Netflix, Inc. (NASDAQ: NFLX) Maintained Underperform and cut estimates at Needham.
Nokia Corporation (NYSE: NOK) Raised to Outperform at Credit Suisse (full summary).
Pacific Sunwear of California Inc. (NASDAQ: PSUN) Raised to Buy at Janney Capital Markets.
ReneSola Ltd. (NYSE: SOL) named as the Bear of the Day at Zacks Investment Research.
SAP AG (NYSE: SAP) Raised to Neutral at BNP Paribas.
Sanofi (NYSE: SNY) Cut to Neutral at JPMorgan.
Trinity Industries, Inc. (NYSE: TRN) named as value stock of the day at Zacks.
United Parcel Service, Inc. (NYSE: UPS) Cut to Neutral at HSBC.
VIVUS Inc. (NASDAQ: VVUS) Started as Perform at Rodman & Renshaw.
VMware Inc. (NYSE: VWM) Started as Buy at Stern Agee.

If you enjoyed the morning Wall Street research notes, you can sign up to receive these directly in your inbox each morning by joining our free email list in the box below.  We also include major movers, key stock calls, news on Warren Buffett and other gurus, as well as special exclusive feature stories. 

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JON C. OGG

Yahoo! (NASDAQ: YHOO) is working on a deal with Alibaba to sell part of its stake in the Chinese company. (Reuters)

Toyota (NYSE: TM) expects record sales next year of 8.48 million, up 20% from this year. (Reuters)

Bank of America (NYSE: BAC) will pay $335 million due to a lending bias charge against its Countrywide operation. (Reuters)

Fitch warns the U.S.’s AAA rating is under pressure because of debt load. (Reuters)

EU antitrust officials have not been convinced by arguments that the NYSE Euronext (NYSE: NYX) and Deutsche Boerse should merge. (Reuters)

A study by Exane BNP Paribas shows that only a few people in Europe would buy the new Nokia (NYSE: NOK) Lumia smartphone. (Reuters)

Airbus should deliver 1,600 planes this year, which would significantly push down the market share of Boeing (NYSE: BA). (Reuters)

Hundreds of eurozone lenders have tapped the European Central Bank for $640 billion in low interest loans, a sign of trouble in the financial sector there. (WSJ)

Former Avon (NYSE: AVP) CEOs James Preston and David Mitchell say they are upset that current CEO Andrea Jung will stay as executive chairman after she steps down as CEO. (WSJ)

American Express (NYSE: AXP) looks at businesses beyond credit cards. (WSJ)

Nevada may allow online poker within its borders. (WSJ)

U.S. Transportation Secretary Ray LaHood says he will not back a proposal to eliminate use of cellphones in cars. (WSJ)

Michigan will further look into Detroit’s finances as it considers a takeover of the city. (WSJ)

The Justice Department says Exelon (NYSE: EXC) and Constellation Energy (NYSE: CEG) could merge if they sell several plants. (WSJ)

Aol (NYSE: AOL) says criticism of management’s plans by Starboard Value is misplaced. (WSJ)

The head of TheStreet.com (NASDAQ: TST) to depart. (WSJ)

The National Association of Realtors says home sales were 14% below forecasts from 2007 to 2010. (NYT)

M&A activity drops because of sovereign debt and economic slowdowns. (FT)

Greece’s creditors resist IMF pressure to take more write-offs on sovereign paper. (Bloomberg)

Douglas A. McIntyre

The merger would create the country’s largest wholesaler of market-priced electric power, and that’s the rub, according to The Wall Street Journal.  The combined companies will have the capacity to generate some 35,000 megawatts of electricity and Maryland officials, including the state’s governor, are worried that the combined companies would have sufficient market power to drive wholesale electricity higher.

A study conducted for the state indicates that the merger could increase wholesale electricity costs up by 12%-37% for parts of the market that the new company serves. According to an Exelon official, the study assumes that the combined company would sell large amounts of electricity into the market managed by PJM Interconnection LLC, when, in fact, the company sells a large part of its capacity directly through utilities and other resellers and would have little impact on the daily auctions the PJM conducts.

Utility stocks have been getting more interest as the US and global economies have gotten weaker. We have suggested that utilities are replacing certificates of deposit and bonds as preferred retirement investments.

Exelon’s annual dividend is $2.10 and its dividend yield is 5.20%. Constellation pays a $0.96 annual dividend and its dividend yield is 2.60%. At Entergy Corp. (NYSE: ETR), the dividend yield is also 5.20%, and American Electric Power Co. (NYSE: AEP) pays a yield of 5%.

In contrast 5- and 7-year US Treasuries currently pay a negative yield and 10-year Treasuries pay just 0.7%. An average CD pays less than 1.5%. For income investors, utilities are safe, high-dividend investments.

Whether a combined Exelon-Constellation would yield to investors than the two companies separately is certainly arguable, but assuming that Exelon’s yield doesn’t fall, Constellation shareholders have got to love the proposed merger. Now it’s up to Exelon to make state regulators at least like the deal.

Paul Ausick

Geithner says problems with EU sovereign debt pose a significant risk to the global economy. (Reuters)

A bill that would label China a currency manipulator moves forward in the Senate. (Reuters)

Samsung says Q3 earnings will be better than expected because of phone sales. (Reuters)

Dispute over smartphone sales between Apple (NASDAQ: AAPL) and Samsung concerning distribution in Australia will be settled in court next week. (Reuters)

Apple’s board worked with Steve Jobs beginning in 2004 to preserve his management approach. (WSJ)

California says it remains open to talks to settle foreclosure issues with banks, after it pulls out of broader discussions. (WSJ)

Obama to push for several votes on his jobs bill to force Congress to take action. (WSJ)

Central banks in the UK and parts of Europe move to counter slowdown in their economies. (WSJ)

Moody’s downgrades 12 UK financial firms. (WSJ)

The EPA suggests that some emission rules be eased. (WSJ)

Geithner says the administration will not try to determine how banks make their profits. (WSJ)

Portuguese central bank says the country will have to cut its deficit. (WSJ)

A national statistics agency says France’s growth has slowed considerably. (WSJ)

FCC head says his agency will make changes to an $8 billion federal phone subsidy program. (WSJ)

Oracle (NASDAQ: ORCL) agrees to pay $199.5 million to settle federal jobs claims. (WSJ)

General Electric (NYSE: GE) to grow its loan operations in Europe. (WSJ)

Gannett’s (NYSE: GCI) CEO leaves, citing poor health. (WSJ)

Maryland attacks a proposed $8 billion merger of Exelon (NYSE: EXC) and Constellation (NYSE: CEG). (WSJ)

Profits at smartphone company HTC rose 68% last quarter. (WSJ)

European Court of Human Rights supports a decision by French courts that charged George Soros with insider trading three decades ago. (WSJ)

Some economists argue that extending unemployment benefits hurts the economy and discourages workers. (NYT)

White House claims China took advantage of U.S. markets in over 200 programs that included solar energy. (NYT)

The ECB to hold rates at current levels and increase liquidity in the region. (FT)

A rise in China labor costs allows some jobs to return to the U.S., according to the Boston Consulting Group. (FT)

Yahoo! (NASDAQ: YHOO) may sell its Japan assets soon. (FT)

Mortgage rates in the U.S. fall below 4%. (FT)

Dexia shares suspended as the firm moves toward a break up. (FT)

EU leaders under pressure to set a program to help the region’s banks. (Bloomberg)

Angela Merkel and Nicolas Sarkozy are at odds about how to handle bailouts of EU-based banks. (Bloomberg)

Douglas A. McIntyre

Some of the more recent dividend hikes in the utility sector have been in shares of Duke Energy Corporation (NYSE: DUK), American Water Works Company, Inc. (NYSE: AWK), American States Water Company (NYSE: AWR), Xcel Energy Inc. (NYSE: XEL), and DTE Energy Co. (NYSE: DTE).  What we are trying to show you is that the trend of dividend hikes is not without precedent in utilities.

24/7 Wall St. is looking for utility dividend hike candidates after some recent hikes in the sector.  We have evaluated 9 large-cap or mid-cap dividend producing utility stocks for investors where you can expect a dividend hike in the coming months.  These include, in alphabetic order: American Electric Power Co., Inc. (NYSE: AEP), Constellation Energy Group, Inc. (NYSE: CEG), Dominion Resources, Inc. (NYSE: D), Entergy Corporation (NYSE: ETR), FirstEnergy Corp. (NYSE: FE), NextEra Energy, Inc. (NYSE: NEE), Pinnacle West Capital Corporation (NYSE: PNW), PPL Corporation (NYSE: PPL), and Progress Energy Inc. (NYSE: PGN).

Now that the Supreme Court has rejected some carbon-cutting measures, some additional drag has been removed from this sector that might have otherwise been victim to higher ten-year Treasury yields.  We would also like to note that we have tried to consider mergers in our analysis as this sector continues to consolidate.  Our basis is more of a standalone merger basis rather than solely due to mergers  into consideration here because we are looking for the companies which can grow their dividends based solely upon their own metrics.

American Electric Power Co., Inc. (NYSE: AEP) is perhaps our favorite utility and it was named as one of our ten stocks to own for the next decade.  Its shares recently traded at $38.18 and has a current dividend yield of 4.9%.  Its 52-week trading range is $30.34 to $38.99.  Thomson Reuters has estimates of $3.13 EPS for 2011 and $3.22 EPS for 2012.  AEP has had three straight quarters of a $0.46 dividend and this is likely to be grown in the months ahead.  The prior $0.42 quarterly dividend was only in place for two quarters before being raised.  The current pace comes to $1.84 per year.  Our take, look for $0.48 per quarter.  We are not looking for an equal hike this time around as earnings growth is only expected to be almost 3% next year.

Constellation Energy Group, Inc. (NYSE: CEG) is often treated as a controversial stock in the world of utilities.  While we said we are not taking M&A into consideration, it is in a pending deal with Excelon and we are still evaluating this on a standalone basis.  It recently traded at $37.70 and has a current dividend yield of 2.55%.  Its 52-week trading range is $27.24 to $37.87.  Thomson Reuters has estimates of $3.20 EPS for 2011 and $2.46 EPS for 2012.  Its dividend used to be far higher and has been $0.24 per quarter for about ten quarters in a row.  It is hard to know about the “when” but the “if” seems a shoe-in if it somehow is not merged.

Dominion Resources, Inc. (NYSE: D) recently traded at $48.61 and has a current dividend yield of almost 4.1%.  Its 52-week trading range is $36.98 to $49.07.  Thomson Reuters has estimates of $3.14 EPS for 2011 and $3.25 EPS for 2012.  The company has been in the habit of hiking payouts more than once a year if the last hike was a sign.  If no dividend hike is made in the fall, it could be announced late this year.  The current payout is $1.97 per year, leaving well more than $1.00 per share for operations ahead.

The ETFs include Utilities Select Sector SPDR (NYSE: XLU), iShares Dow Jones US Utilities (NYSE: IDU), Rydex S&P Equal Weight Utilities (NYSE: RYU), and Ulta Utilities ProShares (NYSE: UPW). The closed-end funds we looked at include Cohen & Steers Utility Fund Inc. (NYSE: UTF), Reaves Utility Income Fund (AMEX: UTG), Wells Fargo Advantage Utilities and High Income Fund (AMEX: ERH), and DNP Select Income Fund, Inc. (NYSE: DNP). The mutual funds we looked included Invesco Utilities Investor (FSTUX), Rydex Utilities (RYAUX), and Franklin Utilities A (FKUTX).

The utilities sector posts a price/earnings ratio of 18.50, higher than the tech, financial, conglomerates, and materials sectors. The sector’s return on equity is the lowest of all but the financial sector, but its dividend yield of 3.94% is higher than any other sector.

Utilities Select Sector SPDR (NYSE: XLU) holds net assets of $4.33 billion and it’s year-to-date return is 6.81%, while its yield is 3.94%. XLU’s three largest holdings are Southern Company (NYSE: SO) at 8.32.% of assets, Exelon Corp. (NYSE: EXC), and Dominion Resources, Inc. (NYSE: D). The fund’s 52-week range is $27.92-$34.30, and it closed last week at $33.19. Shares are up about 18% in the past 12 months and about 19% from the annual low.

iShares Dow Jones US Utilities (NYSE: IDU) claims net assets of $511 million and its year-to-date return is 7.94%, while its yield is 3.57%. It’s three largest holdings are also Southern Company (6.39%), Exelon, and Dominion. The fund’s 52-week range is $67.94-$84.54, and it closed last week at $81.85. Shares are up nearly 20% in the past 12 months, and about the same from the annual low.

Rydex S&P Equal Weight Utilities (NYSE: RYU) has net assets of $24.5 million, and its year-to-date return is 7.48%, while its yield is 3.27%. Its top three holdings are Constellation Energy Group, Inc. (NYSE: CEG), which is being acquired by Exelon, at 2.7% of total assets, NRG Energy, Inc. (NYSE: NRG), and NiSource Inc. (NYSE: NI). RYU also includes some communications stocks, such as MetroPCS Communications, Inc. (NYSE: PCS) and Verizon Communications (NYSE: VZ). As its name would lead you to believe, its tenth-largest holding accounts for 2.54% of total assets. The fund’s 52-week range is $43.51-$56.28, and it closed last week at $54.47. Shares are up about 24% in the past 12 months and about 25% from the annual low.

ProShares Ultra Utilities (NYSE: UPW) has net assets of $14.45 million, and its year-to-date return is 15.65%, while its yield is 2.32%. Its top three holdings are Southern Company at 5.62%, Exelon, and NextEra Energy, Inc. (NYSE: NEE). The fund’s 52-week range is $32.19-$50.52, and it closed last week at $47.37. Shares are up about 45% in the past 12 months and about 47% from the annual low.

Normally a merger between a couple of giant power generators wouldn’t be considered as alt energy news, but this one is a bit different. Exelon, the nation’s largest nuclear power generator, is paying $7.9 billion in stock to acquire Constellation Energy, which generates about 21% of its 12,000-megawatt capacity from nuclear and renewable sources.

Both companies own coal-fired plants as well. Exelon generates about 5% of its more than 25,000-megawatt capacity from coal. Constellation generates 23% of its capacity from coal. Combined, of the approximately 35,000-megawatt capacity, about 11% will come from coal-fired generation. Last August, Exelon bought 735 megawatts of wind generation from Deere & Co. (NYSE: DE).

The merged company’s generation capacity will comprise about 55% nuclear, 24% natural gas, 8% renewable and hydro, and the remaining 13% coal- and oil-fired. Exelon has also received 20-year extensions on two of its nuclear power plants, one of which is Three-Mile Island.

As part of the deal, the merged company has agreed to invest more than $250 million in various projects in Maryland, home of Constellation. Part of the deal includes a promise not to cut jobs at Baltimore Gas & Electric for at least two years after the transaction closes. The merger is subject to regulatory and shareholder approvals, and is expected to close in early 2012.

Solar PV maker Evergreen Solar has had a tough year. The stock’s 52-week high was 52 weeks ago, while the 52-week low was posted just 5 weeks ago. Evergreen’s shares are down more than -25% today, to $1.52 about half an hour after the market opened today. They had fallen to $1.37 before bouncing back. The 52-week range is $1.18-$7.14.

Evergreen announced some preliminary data on its first quarter results prior to its scheduled May 2nd earnings release. The company said that first quarter shipments totaled just 18 megawatts at an average selling price of $1.86/watt. In the same period a year ago the company sold 47 megawatts at an average price of $1.90. That’s a double whammy of bad news.

Then came the triple whammy — Evergreen is running short of cash. As the company’s CEO put it, “Our near term liquidity has been negatively impacted [by lower sales] and may require us to secure additional sources of cash sooner than expected.”

Part of the company’s strategy is to restructure its debt “in order to significantly deleverage” and get into a position to secure additional financing. How, exactly, does a company with just $33 million in the bank make a dent in some $427 million in long-term debt?

Back when Evergreen closed its plant in Devens, Massachusetts, the company’s CEO noted that low wages at Evergreen’s Chinese plant were not the primary reason for manufacturing in China. The main reason is access to cheap loans for companies that build factories in China.

In a different world, Evergreen would probably be shutting down about now, or at least issuing a “going concern” notice. That’s not happening because the company might be able to get some cheap money. We should know the answer pretty soon.

Beacon Power makes a flywheel device designed to help regulate frequency services on the US power grid. The company is nearing completion of its first 20-megawatt flywheel storage plant in New York state, and has just received approval from the US Department of Energy to draw up to 95% of a $24 million federal grant to begin work on its second plant in Pennsylvania.

The company has also filed a shelf registration with the US SEC for up to $100 million. The company said it would use the registration to build merchant plants, manufacture more flywheel storage systems, and “funding ongoing operations.”

That last is probably the reason for the stock’s faltering price today. Beacon’s shares are trading down more than -2%, at $1.68, near the bottom of its 52-week range of $1.51-$5.00.

Paul Ausick

To show just how bad the market has been even to utilities, the leading ETF is the Utilities Select Sector SPDR (NYSE: XLU) and its shares have fallen 4.6% since Friday closing Wednesday at $30.99 with a 52-week range of $25.76 to $32.89.  We did of course not cover every single utility with nuclear power, but our coverage below accounts for a combined market capitalization rate of more than $100 billion.  Our review focused on Ameren Corporation (NYSE: AEE), Constellation Energy Group, Inc. (NYSE: CEG), Entergy Corporation (NYSE: ETR), Exelon Corporation (NYSE: EXC), FirstEnergy Corp. (NYSE: FE), Progress Energy Inc. (NYSE: PGN) and Southern Company (NYSE: SO).

We broke out how much each of the partial US nuclear energy complex has fallen since Friday, what the 52-week range is, what the market caps are, and which are some of the listed nuclear properties which we took from the U.S. Nuclear Energy Institute.

Ameren Corporation (NYSE: AEE) is down only about 3.5% since Friday with shares at $26.79; 52-week range is $23.09 to $29.89 and its market cap is $6.4 billion. Nuclear properties include Callaway.

Constellation Energy Group, Inc. (NYSE: CEG) is down about 6% since Friday with shares at $30.30; 52-week trading range is $27.64 to $38.73 and its market cap is roughly $6 billion.  Nuclear properties include Calvert Cliffs, Ginna, and Nine Mile Point.

Entergy Corporation (NYSE: ETR) is down almost 9.5% since Friday with shares at $66.65; its 52-week trading range is $66.31 (hit today) to $84.33 and its market cap is about $12 billion.  Nuclear properties include Arkansas Nuke 1 & 2, Grand Gulf, Indian Point, James A. Fitzpatrick, Palisades, and River Bend.

Exelon Corporation (NYSE: EXC) is down almost 7% since Friday with shares at $39.95; its 52-week trading range is $16.78 to $45.56 and its market cap is $26.5 billion. Nuclear properties include Braidwood, Bryon, Clinton, Dresden, La Salle, Limerick, Oyster Creek, Peach Bottom, Quad Cities, Salem, and Three Mile Island.

FirstEnergy Corp. (NYSE: FE) down almost 6% since Friday with shares at $36.59; 52-week range is $33.57 to $40.80 and its market cap is $11.2 billion.  Nuclear properties include Beaver Valley and Perry.

Progress Energy Inc. (NYSE: PGN) is down ‘only’ almost 4% since Friday with shares at $44.55; 52-week trading range is $37.13 to $46.83 and the market cap is about $13.1 billion.  Nuclear properties include Brunswick, Crystal River, H.B. Robinson, and Shearon Harris.

Southern Company (NYSE: SO) is down close to 4% since Friday with shares at $36.80; 52-week range is $32.04 to $38.79 and its market cap is close to $31 billion.  Nuclear properties include E.I. Hatch, J.M. Farley and Vogtle.

Many of these plants have switch-over capabilities, but there is one thing to consider here.  Despite these plants being old, shutting these plants down in any short order is just not likely in the cards barring maintenance or other disasters.  Switching to fossil fuels is also a much more costly initiative for consumers.

What seems to be at issue is that newer regulations would come with a higher cost of securing and operating “safe nukes” if there is such a real term.  Our take is that nuclear expenses will rise as a result, but the future demand damage of uranium may make the fuel cheaper ahead and any higher regulatory and security costs that the plants take on will probably be passed down to Joe America.

JON C. OGG