Investors reticent about merger

Investors too are now betting that the Energy East/Iberdrola will never be consummated.

Energy East closed at $23.37 on Wednesday, the stock's lowest point since the Iberdrola deal was announced last June.

Energy East is now trading at 18 percent discount to the $28.50 price offered by Iberdrola. That's evidence that there's plenty of skepticism that this deal will be a bust as New York regulators scrutinize the impact the deal's impact on consumers.