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Actionable news in FE: FIRSTENERGY Corp,

FirstEnergy (FE) Stock Dives, RBC Capital, Jefferies Cut Ratings After Regulatory Ruling

NEW YORK (TheStreet) -- FirstEnergy (FE - Get Report) shares are plunging 9.71% to $32.55 on Thursday following RBC Capital and Jefferies downgrades this morning after regulators blocked income guarantees for the company.

This comes as the company has been working to get approval for controversial power purchase agreements (PPA) that would guarantee income for some of their aging power plants, Bloomberg reports.

Last month, the Public Utilities Commission of Ohio gave the company approval but yesterday evening, the Federal Energy Regulatory Commission (FERC) stepped in and rescinded the PPA waivers for FirstEnergy and American...