PNM Again

I got an "Urgent Call to Action" in the mail from the New Mexico Utility Shareholders Alliance today. I am a PNM shareholder (of about 170 shares) but don't pay Alliance dues. The group, which gets support from PNM, "is concerned" about recent Public Regulatory Commission actions with regard to PNM. 

Two Notes: A "concern" is hardly urgent. Also, the Urgent Call said PNM's "stock is valued at 230% less than a year ago." I'll be charitable and suggest this is sloppy arithmetic. PNM closed today at $13.40. The 52 week high, according to PNM.com, was $32.46. That means that today's price was 41% of the price a year ago. That also means a 59% price decline. The maximum percentage decline of any number is 100%. Such a drop would take the number to zero.

People who deal in this stuff should know how to do the math.