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We recently compiled a list of the 10 Firms Defy Market’s Bullish Momentum. In this article, we are going to take a look at where Algonquin Power & Utilities Corp. (NYSE:AQN) stands against the other stocks.
Wall Street's main indices all finished in the green territory on Wednesday, as investors cheered an unexpectedly slower inflation rate in December.
The Dow Jones jumped by 1.65 percent, while the S&P surged by 1.83 percent. Meanwhile, the Nasdaq Composite index soared 2.45 percent.
Ten companies under mixed sectors bucked an overall positive market sentiment amid a series of negative factors weighing on investor sentiment.
In this article, let’s take a look at the reasons that dragged their shares performance.
To come up with the losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
An engineer in a control room monitoring a massive system, demonstrating the capabilities of rate-regulated utilities.
Algonquin Power & Utilities Corp. (NYSE:AQN)
Shares of Algonquin Power & Utilities Corp. (NYSE:AQN) dropped by 1.84 percent on Wednesday to close at $4.27 apiece following announcements that its chief finance officer (CFO), Darren Myers, is stepping down from his position.
Without citing the reason, Algonquin Chief Executive Officer Chris Huskilson said that Myers will remain as CFO through the reporting of the company’s fourth quarter 2024 results.
“[Myers] joined in August 2022 and has been an important part of the team that steered the company through its strategic review and the sale of its renewables business. I want to thank [him] for his tremendous contributions to our transformation from a hybrid business to a pure-play regulated utility. We wish him well and will commence a search immediately,” he noted.
Algonquin Power & Utilities Corp. (NYSE:AQN) is a diversified international generation, transmission, and distribution utility with more than one million customers across the United States and Canada.
Overall AQN ranks 9th on our list of Wednesday's losers. While we acknowledge the potential of AQN 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 timeframe. If you are looking for an AI stock that is more promising than AQN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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