10 Stocks Investors Dumped Fast

3. Edison International (NYSE:EIX)

Edison International dropped its share prices hit a new all-time low on Monday, following a rating downgrade from an investment firm.

At intra-day trading, Edison International (NYSE:EIX) touched a new 52-week low of $48.39 before a slight buying raised its price higher to end the day just down by 8.07 percent at $49.42 apiece.

The drop followed Wolfe Research’s significant downgrade on the company’s stock to “peer perform” from “outperform” previously over uncertainties from the ongoing litigation, as well as potential liabilities in relation to the Eaton fire in California in January this year.

Further dampening sentiment were news reports that the company’s subsidiary, Southern California Edison—which covers and energizes the wildfire-affected area—has underestimated the potential size of the incident by a factor of ten.

It can be learned that Edison International (NYSE:EIX) has been linked to the Los Angeles wildfire that claimed dozens of lives and resulted in billions worth of damages.

The company was 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.