Empire District Electric Company (EDE) is yet another victim of the horrific devastation from the tornado in Joplin this past weekend. The stock had initially declined modestly earlier this week, but it plunged yesterday by 15%, wiping out $125mm in market value after the company suspended its dividend for two quarters. The company cited 8-10k customers that will be out of service for the forseeable future that will result in 10-15% loss of revenue and damage repair of $20-$30mm before potential insurance recoveries.
Comments