Con Ed is a holding company for Consolidated Edison of New York, or CECONY, and Orange & Rockland, or O&R. These utilities provide steam, natural gas, and electricity to customers in southeastern New York—including New York City—and small parts of New Jersey. The two utilities generate nearly all of Con Ed's earnings following the sale of its clean energy business to RWE in early 2023.

Con Ed is a holding company for Consolidated Edison of New York, or CECONY, and Orange & Rockland, or O&R. These utilities provide steam, natural gas, and electricity to customers in southeastern New York—including New York City—and small parts of New Jersey. The two utilities generate nearly all of Con Ed's earnings following the sale of its clean energy business to RWE in early 2023.

Consolidated Edison serves 3 million electric customers, 1.1 million gas customers, and 1,800 steam customers throughout the New York region. ED provides a wide range of energy-related products and services through the following subsidiaries: Consolidated Edison Co. of New York (CECONY), a regulated utility providing electricity, gas and steam in New York City and Westchester County; Orange and Rockland Utilities, a utility serving customers in southeastern New York State, northern New Jersey, and northeastern Pennsylvania; Con Edison Solutions, a retail energy supply and services company; Con Edison Energy, a wholesale energy supply company; Con Edison Development, which owns and operates generating plants and participates in other infrastructure projects; and Con Ed Transmission, a FERC-regulated electric and natural gas utility. The company employs approximately 15,000 people. With the sale of Con Edison Clean Energy Businesses, Con Ed has become a pure-play regulated utility with about 94% of assets at CECONY, which also accounts for approximately 93% of total revenues. The company has little generating power except for steam production, and purchases and transports gas from as far away as Canada and the Gulf of Mexico. In 2023, gas accounted for 21% of revenues and electricity accounted for about 74%, with about half of electric revenues from businesses and municipal customers. ED is increasing investment in solar and wind generation and is targeting net-zero emissions by 2040. The current market cap is about $38.9 billion.

Well, we've finally reached 'Liberation Day' and will see if the stock market has discounted all the rumors. Is it time to buy the news, or is the tariff bite worse than the tariff bark? Will the S&P 500 (SPX) break to new corrective lows, possibly heading a lot closer to 5,000 before we see 6,000 again? We continue to lean toward a contrarian bullish outcome as sentiment is abysmal and it seems like the majority of the investment world is looking for and preparing for the worst. In addition, about 60 of the stocks in the SPX have fallen between 15% and 44% so far in 2025, meaning that there already has been quite a washout in many names. One thing aiding stocks is the drop in Treasury yields and the patterns they have been tracing out over the past five months. The 10-year has dropped from 4.39% to a close on Tuesday at 4.16%. The five-year has fallen from 4.12% to 3.91%. While the declines are small, both maturities are potentially tracing out head-and-shoulders tops. The neckline for the 10-year is in the 4.1%-4.2% area, with the left shoulder, the head, and the right shoulder complete. A break of the neckline could open the door for an initial measured move to 3.7%, and maybe down to 3.5%. The most-recent closing low was in September 2024 at 3.62%. The five-year may already have broken its neckline as it is difficult to draw a horizontal line because the recent low of right shoulder is below the low of the left shoulder low. Anyway, it's possible the five-year drops to the 3.4%-3.5% area. The recent low from September was 3.4%. The one negative about falling rates is that they imply a weakening economy.