The nuclear energy stocks plunged in Monday trade. Markets are responding negatively to the U.S. government rejecting a nuclear power agreement.
Constellation Energy (CEG) fell by 12.5% after the Federal Energy Regulatory Commission (FERC) rejected PJM’s proposal to increase power supply through a Talen Energy (TLN) grid to Amazon’s (AMZN) AI data center.
Vistra (VST) dropped by 3.15%, recovering from bigger losses earlier in Monday’s trading.
In fintech, Marqueta (MQ) will lose nearly 30% after the firm reported a six-cent loss per share. In Q4, the firm warned that heightened scrutiny in the banking environment and customer program changes will hurt its growth. Revenue will grow by 13% - 15%, down from the 17.5% Y/Y growth reported in Q3.
In the insurance brokerage segment, Erie Indemnity (ERIE) lost 10.6% last week and is down by 25.86% in the past month. The firm reported revenue of $999.88 million (+16.4% Y/Y). Despite strong growth throughout the year, ERIE stock is selling off for no reason. The S&P 500 (IVV) also added the company to the index in September. Unfortunately, Spruce Point is betting against ERIE stock. The firm thinks Erie’s 25% management fee collected on premiums is not sustainable.
