Nuclear Waste Company Fires CEO, Reduces Guidance (ES, UEC, URRE, CCJ, DNN, D, EXC, DUK, GE)

Nuclear stocks are fighting declines from end to end. Uranium miners Uranium Energy Corp. (AMEX: UEC), Uranium Resources Inc. (NASDAQ: URRE), Cameco Corp. (NYSE: CCJ), and Denison Mines Corp. (AMEX: DNN) are all down anywhere from -46% (UEC) to-93% (URRE). The decline is traceable to last year’s disaster in Japan, which has led to a decision in that country to reduce dependence on nuclear energy and a decision in Germany to shut down all existing nuclear generation by 2022.

In the US, power providers like Dominion Resources Inc. (NYSE: D), Exelon Corp. (NYSE: EXC), and Duke Energy Corp. (NYSE: DUK) have applications pending for more than 25 new generating units. New nukes in the US are at least a decade away, if they ever make it through the regulatory regime at all. Turbine makers like General Electric Co. (NYSE: GE) and Toshiba could also be waiting a long time for new business. Nuclear energy, from mine to clean-up, is a long-term play in what is now a very short-term market.

In addition to replacing the company president, Energy Solutions also replaced the CFO.

Energy Solutions’ stock is down about -55% this morning at $1.61 after posting a new 52-week low of $1.55 earlier. The previous range is $2.76-$5.43.

Paul Ausick