When the Illinois Commerce Commission rejected CommonwealthEdison Co.'s controversial $660 million rate increase package twoweeks ago, Wall Street slammed its briefcase shut and took a hike ofa different sort.
Within minutes of the regulatory board's move, investment housesrapidly changed portfolio recommendations from an affirmative "buy"to a more cautious "hold" or "hold/sell." Standard & Poor's Corp.lowered ratings on Edison's senior debt and preferred stock asMoody's Investors Service said it was considering a downgrade.
Within days, Edison's stock fell more than 2 points. With some206 million shares outstanding, the drop meant a paper loss of about$515 …
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