Shares of electric utility Edison International ( EIX ) dived Tuesday as a devastating wildfire swept through Southern California.
[ibd-display-video id=2997329 width=50 float=left autostart=true] Officials haven’t determined a cause yet, but the stock action echoed PG&E’s ( PCG ) plunge two months ago amid wildfires in Northern California.
Downed PG&E power lines may have sparked those fires, and state officials are investigating the cause. The utility, however, has argued the blaze may have been caused by third-party equipment.
Edison stock plunged 12.8% to 70 on the stock market today , hitting a 52-week low intraday. PG&E rose 0.15% but saw a nearly 30% collapse in mid-October.
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In Southern California, more than 260,000 Edison customers lost power due to the massive fire, the Los Angeles Times reported Monday night, with a fire official saying Tuesday that intense winds had made the wildfire “pretty much unstoppable.”
Edison said via Twitter ( TWTR ) Tuesday that roughly 20,000 customers in Ventura County remain without power and warned some customers should prepare to be without power for days.
Edison pays a quarterly dividend of 54.25 cents a share, which works out to an annualized yield of more than 3% after Tuesday’s share-price plunge.
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