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I don't like the tone of overall article. (For instance when the author complains about the company name). But the article brings up some good points. The tone is really negative though. You have to wonder if they were burned by EXC at some point in time, or if they have some axe to grind. Most of what they say is factual, but the way they spin it is not how I'm used to seeing an analyst write, more like a short:
"Exelon should be embarrassed that its stock has dropped like a rock during this period even with Exelon's man Barack Obama getting elected to the Presidency of the United States of America. Obama's Chief of Staff, Rahm Emanuel worked on the Unicom-PECO merger creating Exelon and David Axelrod has provided consulting services to Exelon."

And this article is on the heals of another recent negative EXC article, an even worse one:
"In conclusion, we believe that if one is looking for a high-quality utility to invest in, we don't recommend investing in Exelon . We believe that EXC is an overhyped, overrated, lumbering, inconsistent performer known primarily for its political connections and rent-seeking activities."

The two points that bear more discussion here, the EPS steady declines and the concessions EXC had to give up in order to merge with Constellation Energy. Makes me question just what EXC gained from the merger?
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