Constellation Energy (CEG) Sinks On Fears
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Share of power marketer Constellation Energy Group, Inc. (NYSE: CEG) is under heavy pressure today on fears about capital, liquidity and trading counter-parties following the collapse of Lehman Brothers (NYSE: LEH) and buyout of Merrill Lynch (NYSE: MER). Shares of Constellation Energy are down over 36% today after falling 18% yesterday.
Yesterday, Constellation Energy commented on its exposure to Lehman saying, "the Lehman bankruptcy and the possible resulting effects on subsidiaries of Lehman will not have a material adverse effect on the Company or its subsidiaries individually or collectively." The company also said Lehman Brothers total commitment within its $6.13 billion existing credit facilities is just $150 million.
Yesterday, Constellation Energy commented on its exposure to Lehman saying, "the Lehman bankruptcy and the possible resulting effects on subsidiaries of Lehman will not have a material adverse effect on the Company or its subsidiaries individually or collectively." The company also said Lehman Brothers total commitment within its $6.13 billion existing credit facilities is just $150 million.
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