24.49 +6.75 (38.07%)
Pre-Market: 6:52AM EST
|Bid||23.50 x 900|
|Ask||24.10 x 1000|
|Day's Range||17.26 - 24.18|
|52 Week Range||17.26 - 55.35|
|Beta (3Y Monthly)||-0.22|
|PE Ratio (TTM)||75.81|
|Earnings Date||Feb 7, 2019 - Feb 11, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||52.00|
In what could foreshadow things to come, the first lawsuits have been filed by California fire victims against the state’s largest utility company PG&E.
Homeowners in California are saying it was sparks from a Pacific Gas and Electric transmission line that started the fires and they’re now suing. Yahoo Finance’s Alexis Christoforous and Alexis Keenan discuss.
Yahoo Finance's LIVE market coverage and analysis of what you need to watch in the stock market begins each day at 9:00 a.m. ET.
Rescue workers searched on Friday for 630 people reported missing in a northern California town reduced to ashes by the deadliest wildfire in state history. At least 63 people were killed in and around Paradise by the Camp Fire that erupted a week ago in the Sierra foothills 175 miles (280 km) north of San Francisco. Nearly 12,000 homes and buildings burned hours after the blaze erupted, the California Department of Forestry and Fire Protection (Cal Fire) said.
U.S. stock futures traded lower on Friday, Nov. 16, with investors rattled by weakness in the chip sector following disappointing third-quarter earnings from Nvidia Corp. Contracts tied to the Dow Jones Industrial Average declined 91 points, futures for the S&P 500 were down 13.50 points, and Nasdaq futures fell 79.25 points. Nvidia shares plunged more than 17% in premarket trading on Friday, and dragged its Asian peers in the sector lower.
“It’s not good policy to have utilities unable to finance the services and infrastructure the state of California needs,” PUC President Michael Picker said in an interview. The end-of-day rally reversed hours of frantic selling, in which the utility fell the most since 2001, during the depths of the California power crisis. PG&E shares had plummeted 64 percent since Nov. 7 amid fears that it would be held liable for a catastrophic wildfire that has killed 63 people, destroyed thousands of homes and scorched over 140,000 acres.
SAN FRANCISCO/LOS ANGELES (Reuters) - PG&E Corp (PCG.N) shares soared 40 percent in after-hours trade on Thursday following a report that a regulatory official told investors the agency does not want the utility to go into bankruptcy should it be found responsible for this month's deadly wildfire in northern California. Bloomberg reported the comment by a California Public Utilities Commission (CPUC) official on a call hosted by Bank of America Corp (BAC.N), citing a person familiar with the matter. A CPUC spokesman said he could not confirm the remarks and Bank of America declined to comment.
A search for victims of a catastrophic blaze that reduced a northern California town to ashes intensified on Thursday, as authorities expanded to 630 the number of those reported missing in the deadliest and most destructive wildfire in state history. At least 63 people have been confirmed dead in the Camp Fire, which erupted a week ago in the drought-parched Sierra foothills 175 miles (280 km) north of San Francisco and now ranks as one of the most lethal single U.S. wildfires since the turn of the last century. Nearly 12,000 homes and buildings, including most of the town, were incinerated last Thursday night hours after the blaze erupted, the California Department of Forestry and Fire Protection (Cal Fire) has said.
A California regulator said late Thursday that it was expanding a probe of PG&E Corp.’s safety practices to explore the way the company is managed and run, including whether it should be broken up. “I will open a new phase examining the corporate governance, structure, and operation of PG&E, including in light of the recent wildfires, to determine the best path forward for Northern Californians to receive safe electrical and gas service in the future,” Michael Picker, the president of the California Public Utilities Commission, said in a statement. Later, in an interview with The Wall Street Journal, he said was concerned about how PG&E handled safety operations, including its transmission lines that have sparked wildfires in recent years.
A utility facing severe financial pressure amid speculation its equipment may have sparked a deadly Northern California wildfire asked U.S. energy regulators last month for permission to raise its customers' monthly bills to harden its system against wildfires and deliver a sizable increase in profits to shareholders. In an October filing with the Federal Energy Regulatory Commission, Pacific Gas & Electric Co. laid out a variety of dangers confronting its transmission lines running through Northern California, saying its system faced a higher risk of wildfires than any other utility. "The implications of PG&E's exposure to potential liabilities associated with wildfires are dramatically magnified," the filing said.
Shares of PG&E Corp. surged more than 40% in after-hours trading Thursday after a state regulator said he had no interest in seeing the California utility declare bankruptcy.