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Companies to Watch: AT&T and IBM team up, PG&E makes repairs, ConEd explains NYC blackout

Here are the companies Yahoo Finance is watching today.

AT&T (T) and IBM (IBM) are getting together in a strategic alliance. AT&T has picked IBM to manage the IT infrastructure for its business division. The deal will also take advantage of IBM's purchase of Red Hat, expanding the telecom company's use of Red Hat's open source platform.

California's PG&E (PCG) says it's making widespread repairs to prevent wildfires in California. That includes fixing damaged towers and transformers. The inspections come in the wake of its bankruptcy filing, as it faces liability for wildfires including the one that killed 85 people and destroyed the town of Paradise last year.

Power company ConEd (ED) is blaming an "overly sensitive" protection system for that massive weekend blackout that left a big part of Manhattan in the dark. Officials say the system overreacted to a burning power cable knocking out relays to try to protect the power grid. New York's Governor and top lawmakers are demanding a full investigation.

Charles Schwab (SCHW) is reportedly in talks to buy the wealth management and brokerage units of USAA for $2 billion. The deal, which could come as early as this month, would push Schwab further into the wealth management business and could bring Schwab roughly $100 billion in assets.

Shares of chemical company Bayer spiked in early trading after a judge slashed a damages award to a California man who blamed the company’s Roundup weed killer for his cancer from $80 million to $25 million. Bayer says the ruling is "a step in the right direction" but still plans to appeal the verdict. The judge rejected the company's request for a new trial.