Here’s Why Edison International (EIX) Is Among Monday’s Top Losers

We recently compiled a list of the 10 Firms Drop on Bearish Statements, Disappointing Earnings. In this article, we are going to take a look at where Edison International (NYSE:EIX) stands against the other stocks.

Ten companies—mostly under the quantum computing sector—kicked off the trading week leading declines amid not-so-optimistic statements from chief executives and disappointing earnings updates that have weighed in on investor sentiment.

Meanwhile, Wall Street’s main indices ended mixed, with the Dow Jones and S&P’s main index the only gainers, up 0.86 percent and 0.16 percent, respectively. Meanwhile, the Nasdaq Composite dropped by 0.38 percent.

To come up with Monday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A wide aerial view of an electric power transmission facility with lines, substations, and overhead wires.

Edison International (NYSE:EIX)

Edison International (NYSE:EIX) saw its share prices fall for the sixth straight day as traders sold off positions amid the ongoing Los Angeles wildfire that resulted in dozens of deaths and billions worth of damages.

The company is currently under public scrutiny and is now facing multiple lawsuits over allegations that its equipment was the source of wildfires.

Edison over the weekend said that it was helping investigate the wildfire after discovering a downed conductor at a tower near the area where the Hurst Fire broke out on Tuesday evening.

Edison, however, said it was uncertain whether the damage occurred before or after the fire.

At present, Edison International (NYSE:EIX) said some areas may continue to be de-energized in the coming weeks for public safety and to prevent any further wildfire conditions.

Overall EIX ranks 5th on our list of Monday’s top losers. While we acknowledge the potential of EIX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than EIX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. This article is originally published at Insider Monkey.