[DEVELOPING] Grid and power-construction names de-rate sharply while backlogs stay at records
Quanta Services has fallen for five consecutive sessions for a cumulative loss near 15%, erasing roughly $16bn of market value against an S&P 500 that returned about -1.2% over the same window, with no company-specific disclosure accompanying the slide. Its most recent reported figures were a record $53.4bn backlog and raised FY2026 guidance; GE Vernova, down 5.65% on 18 August and 3.52% on 20 August, similarly carries a $176bn backlog while coverage attributes the selling to profit-taking after a multi-month rally, wind-division losses and tariff-driven margin concerns. The divergence between record backlog and falling price is the thing to watch.