Business Services Industry
Possible Dividend Cut Jolts Stock of New York Electric & Gas. (Originated from The Post Standard, Syracuse, N.Y.)
Knight Ridder/Tribune Business News, August, 1994 by Gibbs, Stephanie
Aug. 11--In May, New York State Electric & Gas Corp. executives told stockholders they didn't plan to cut the utility's stock dividend. On Wednesday, those plans weren't so certain. NYSEG officials early Wednesday said the utility - beset by stiffer competition, a $13 million penalty imposed by state regulators and other costs - may have to reduce the dividend because of dwindling profits. That announcement sent NYSEG's stock price plummeting 18.1 percent, making the Binghamton-based utility the day's biggest loser on the New York Stock Exchange.
Trading volume was unusually heavy, with so many investors wanting to bail out Wednesday morning that trading in the stock was delayed 99 minutes until enough buyers could be found.
Stock analysts suggested the...
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