Today we are watching…
1. First Energy (#firstengy)
US-based utilities company, First Energy, took a hammering yesterday after a bankruptcy judge rejected its $4bn restructuring plan that would have brought its FE Solutions subsidiary out of Chapter 11, but sadly it was not to be. The resulting sell-off cut over 4% from the stock, which may deepen as the crisis continues. The judge also accused the firm of abusing bankruptcy law in an attempt to get out of its power facilities businesses which were losing money hand over fist. Not a good day for FE, and maybe more to come.
2. Boeing (#boeing)
Boeing’s stock price bumped up a few notches yesterday after the latest tests of its improved automated flight control system were deemed to be a success. Investors cautiously pushed the stock up 2.89% higher yesterday to add to the 3.49% gained earlier in the week. As one of the top performers in the Dow Jones index last year, Boeing is starting to look like it may make a return to form in the coming weeks. However, it may take some time before every country comes to trust its flagship 737 Max again and another incident could mean its permanent decommissioning. Well worth watching.