Utilities Flat As Traders Rotate Into Defensive Areas - Utilities Roundup

Shares of power-plant operators were flat as traders rotated into defensive areas, retreating from cyclical sectors because of uncertainty about the outlook for tax legislation. Tax reform is among the issues set to be critical for utility investors in the near future, alongside grid modernization and other industry dynamics, according to one brokerage. "For tax reform, companies are encouraged that the proposal exempted utilities from immediate capex expensing and the loss of interest deductibility and remained optimistic that the Senate would also include similar language in upcoming legislation," said analysts at brokerage Morgan Stanley, in a research note.

-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

November 09, 2017 16:41 ET (21:41 GMT)