The second day sell-off and panic in Japan has gotten even worse than what was expected and is now far worse than the immediate reaction after the 1995 Kobe earthquake that rattled the country. Today’s move is based almost entirely on fears of a nuclear reactor meltdown in Japan as the country tries to get these damaged and leaking nuclear reactors shut down. The NIKKEI 225 Fell by about 11% and DJIA futures are currently down about 2.4%. While Washington D.C. is still sticking by the defense of nuclear power, anything tied to nuclear power is getting crushed all over again today.
PowerShares Global Nuclear Energy (NYSE: PKN) fell 11.5% yesterday and the ETF is indicated down around $18.35 this morning. iShares S&P Global Nuclear Energy Index (NASDAQ: NUCL) saw an 8% drop yesterday and is also indicated lower. The Global X Uranium ETF (NYSE: URA) is down another 10% at $14.15 this morning.
US-based centrifuge player USEC Inc. (NYSE: USU) was also down 11% Monday and shares are indicated down 9.8% this morning.
Canadian uranium miner Cameco Corp. (NYSE: CCJ) was down 12.7% Monday and shares are indicated down another 12% at $28.65 this morning.
Shaw Group Inc. (NYSE: SHAW) is a manufacturer of nuclear and other power plants, and its shares were down 9.2% Monday. The stock is getting another fire sale with shares indicated down 9% more at $31.70 in pre-market trading.
Uranium Resources, Inc. (NASDAQ: URRE) fell a whopping 25% on Monday and shares are getting clipped by another 17% at $1.45 in early Tuesday pre-market trading.
Even the great General Electric Co. (NYSE: GE) was hit on Monday and is down another 4.6% at $18.99 this morning because it also helps in building nuclear plants and is involved in the Japan incident.
JON C. OGG