Constellation Energy (CEG) fell 8% in morning trading with no company-specific news after Democrats won control of the House and Senate, while Vistra (VST) dropped 14% and GE Vernova (GEV) and CoreWeave (CRWV) each fell 7%. Investors are selling stocks tied to data center buildout, though Constellation's 3,590-megawatt deal with Google (part of Alphabet) and its Amazon contracts remain in place. At least 10 communities approved data center bans or restrictions, and Bank of America sees the bigger risk in state and local governments. The author says the main risk lies in future contracts, since expected normalized EPS growth from $9.39 in 2025 to $16.80 in 2028 depends on new buyers; the stock trades at 21x forward earnings, below its three-year average of 26x. Constellation reports on Nov. 9.
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