Why Edison International (EIX) Is Among Last Week’s Biggest Losers?

We recently published a list of These 10 Firms Were Last Week’s Biggest Losers. In this article, we are going to take a look at where Edison International (NYSE:EIX) stands against other firms that were last week’s biggest losers.

Ten companies fell significantly last week, mirroring a broader market downturn, as investors sold off positions following disappointing news and data that weighed heavily on market sentiment.

On Friday, the Dow Jones recorded its largest weekly drop, falling 1.07%, while the S&P’s main index and Nasdaq declined by 0.71% and 0.62%, respectively.

To come up with this week’s top decliners, 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)

Power distribution giant Edison International (NYSE:EIX) dropped its share prices by 19.03 percent last week to $65 from the $80.28 recorded a week prior amid the ongoing Los Angeles wildfire that has resulted in dozens of deaths and billions worth of damages.

It doesn’t help that the company is currently under public scrutiny due to a potential connection to 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 said some areas may continue to be de-energized in the coming weeks for public safety and prevent any further wildfire conditions.

Edison International (NYSE:EIX) is one of the largest electric utility holding companies in the U.S., focused on providing clean and reliable energy and energy services through its independent companies.

Overall, EIX ranks 7th on our list of firms that were last week’s biggest losers. While we acknowledge the potential of EIX as an investment, our conviction lies in the belief that 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.

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