NEW YORK, June 6, 2026, 18:04 EDT
Constellation Energy Corp. (CEG.O) slipped 3.7% to finish at $254.83 on Friday, trading well below the $287.75 Nasdaq last sale price listed in its May 29 prospectus supplement for this week’s shareholder offering. Shares stayed weak going into the weekend, even after a regulatory decision favored the company’s Three Mile Island restart plan.
Timing is an issue. U.S. stocks are closed for the weekend, as Nasdaq trades only Monday to Friday, 9:30 a.m. to 4 p.m. ET. Investors get a pause to weigh a week packed with new stock supply, rate concerns and nuclear-power headlines before trading starts again Monday.
Constellation is now a big example for traders looking at how AI data centers could drive 24/7 power demand. The Baltimore company, with around 55 GW of generating capacity, is the top U.S. nuclear operator and serves about 2.5 million customer accounts.
Constellation’s stock came under pressure after a secondary offering announced June 1. Shareholders planned to sell 11 million shares at $281 each, with no new shares issued and the company getting none of the cash. Constellation also said it would buy back 2 million shares from the underwriters.
The offering and buyback finished up on June 2, according to a later filing. Constellation spent around $558 million to buy back shares. About $3.5 billion is still available on its buyback plan. Underwriters have a 30-day option to buy as many as 1.35 million more shares from the sellers.
Stocks took a hit Friday. A hot U.S. jobs report rattled markets and fueled bets the Fed will keep rates higher. The Dow shed 1.35%, the S&P 500 slid 2.64%, and the Nasdaq was off 4.18%. “The dam just broke,” said Ryan Detrick, chief market strategist at Carson Group, after stocks had held up for weeks. Wells Fargo’s Ohsung Kwon said the drop was “more driven by positioning than fundamentals.” Reuters
U.S. regulators gave Constellation a boost. The Federal Energy Regulatory Commission granted a waiver that should let the company move grid rights from its Eddystone gas plant to the former Three Mile Island nuclear site in Pennsylvania. Constellation wants to restart the plant as the Crane Clean Energy Center to power Microsoft data centers. The waiver covers the rights needed to deliver electricity onto the grid.
The move kept a main part of the bull case in play. In May, Chief Executive Joe Dominguez dismissed talk that the plant might be delayed to 2031, saying, “I don’t want anybody” thinking the plant won’t restart earlier. Reuters noted no fully closed U.S. nuclear plant has ever restarted, making the outcome a big deal for investors. Reuters
Constellation wasn’t the only one hit. Vistra dropped 3.2% on Friday while NRG Energy slipped 3.1%, adding pressure across independent power stocks that have seen investors pile in on bets tied to growing electricity demand.
But the risks are real. A lock-up on shares issued during Constellation’s Calpine deal is set to expire in two stages, with half coming off June 30, 2026 and the rest on June 30, 2027. There are also execution and grid risks for the Crane project. Utility Dive said PJM feedback flagged required transmission upgrades and said the project might be delayed past the company’s target.
CEG faces a key week as traders decide if the recent dip is chance or a red flag. Focus is on the $281 offering price, plus whether underwriters take up more shares, and what comes next from PJM or Constellation about the Crane schedule. Macro headwinds are clear: if rate worries keep hitting growth and demand bets, CEG could struggle to bounce back on nuclear headlines alone.
