Hawaiian Electric slides, snapping 3-session winning streak
05/09/2023 17:01
** Shares of Hawaiian Electric Industries HE.N down 14.1%
at $12.93 on Tues and falling for first time in four sessions
** Stock's weakness comes amid roughly 2% drop in bond-proxy
S&P Utilities sector .SPLRCU on Tues as yields rise .N US/
** Late Fri, S&P Dow Jones Indices said industrial machinery
firm RBC Bearings RBC.N to replace HE in S&P MidCap 400 index
.IDX effective Sept 18
** HE "no longer representative of the mid-cap market
space," S&P Dow Jones said
** HE's stock has shed more than 60% since Aug 8 amid
scrutiny around its role in a fire that destroyed coastal town
of Lahaina; the utility has denied responsibility for the fires
** With move on Tues, co's market value stands at about $1.4
bln, per Refinitiv
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))