25.71 +0.12 (0.47%)
After hours: 7:18PM EST
|Bid||25.71 x 800|
|Ask||25.81 x 900|
|Day's Range||22.35 - 29.20|
|52 Week Range||22.35 - 56.90|
|Beta (3Y Monthly)||-0.22|
|PE Ratio (TTM)||109.36|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
California’s largest utility suffered its steepest stock plunge in 16 years Wednesday as concerns grew that potential liability costs from destructive wildfires threaten the company’s financial future. The free fall began after the company reported to state regulators that one of its transmission lines had malfunctioned before the start of a massive fire in Northern California. The San Francisco-based company reported in a securities filing Tuesday night that it had exhausted its revolving lines of credit and warned that its $1.4 billion of insurance coverage for wildfires occurring between Aug. 1 and July 31, 2019, may be insufficient to cover all potential liability claims against the company.
An attorney for a group of victims of the so-called Camp fire in Northern California on Wednesday alleged that there's "pretty overwhelming" evidence that PG&E was at fault for the deadliest wildfire in the state's history. "In this case we know an awful lot," said Bay Area attorney Michael Danko, who represents a group of plaintiffs who lost homes and possessions in the town of Paradise and the surrounding area. PG&E said "safety of our customers and the communities we serve is our highest priority" and added that the cause of the blaze remains under investigation.
PG&E's stock lost more than 20 percent of its value Wednesday after the utility said it does not have nearly enough insurance coverage if it is found liable for a Northern California wildfire that has left at least 48 people dead and destroyed about 7,700 homes.
Big question for Amazon's 2 chosen cities: Will it pay off? WASHINGTON (AP) -- The awarding of Amazon's second headquarters to two affluent localities has fanned intense speculation around a key question: For the winning cities, will the economic payoff prove to be worth the cost? Amazon's decision will bring to Arlington, Virginia, and to the Long Island City section of New York jobs and investment.
Billionaire manager David Tepper's firm had added 100,000 shares of Apple and 1.2 million shares of financial firm State Street by the end of September. Appaloosa cut its position in Facebook by 1.8 million shares, to 3.3 million shares. Appaloosa also more than doubled its position in the utility PG&E by the end of the third quarter.
Seth Klarman’s Baupost Group, Viking Global Investors, and BlueMountain Capital were all buyers in the September-end quarter, according to the latest 13F filings.
Co., operating while company officials try to diffuse a lender dispute. told Judge King that canceling the plant’s scheduled maintenance could lead to millions of dollars in new expenses. All American Oil & Gas survived the energy industry downturn that began after natural gas prices fell in 2014, but company officials have fought in recent weeks with a lender owed $141.9 million.
In a bid to shore up its finances, the company also said in a regulatory filing https://bit.ly/2zS3wVj late on Tuesday that it had borrowed more than $3 billion under credit lines available to it and its Pacific Gas and Electric Co power utility, the maximum available from those sources. The developments triggered fresh pressure on PG&E's shares, and, for the first time since the Camp Fire's outbreak on Nov. 8, prices on more than $18 billion of PG&E bonds dropped substantially. The new borrowings would have seniority to PG&E's existing bonds in any debt restructuring.
The utility company has $18 billion of bonds that are unsecured, meaning the debt would have equal priority to get repaid in a bankruptcy as the roughly $30 billion in potential liabilities that analysts have estimated from 2017 and 2018 California wildfires. PG&E recently completely drew down its credit lines. There is a trick that PG&E could use to improve investors’ status in bankruptcy, according to Andy DeVries, a CreditSights analyst.