Business Services Industry
Northeast Utilities' shares fall 10 percent after drop in 2005 earnings outlook.
Knight Ridder/Tribune Business News, November, 2004
The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Nov. 16--Northeast Utilities on Monday lowered its earnings projections for 2005 by 18 percent because its largest competitive business unit, Select Energy Inc., failed in its bid to supply electricity next year to its regulated sister unit, Connecticut Light & Power.
NU's stock plunged 10 percent, or $2 a share, on the news to close at $18.01, the lowest closing price in about 6 months. Company officials said they would begin identifying initiatives to improve the financial performance next year, including cost-reduction efforts.
Asked whether cost-cutting measures could include job cuts, a company spokesman said it was too early to tell.
"Obviously, Select just...
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