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PCG

PG&E

$25.60

-7.1 (-21.71%)

13:20
11/14/18
11/14
13:20
11/14/18
13:20

PG&E implied volatility spikes to new highs as shares drop 22.6%

PG&E implied volatility spikes to new highs as shares drop 22.6%. The stock down $7.40 to decade lows of $25.32 on surging volume of 35M shares amid concerns about the company's liability after massive California wildfires. In option action, 7.9K Jan2020 20 puts trade in the name. Jan 25, Nov 25, and Nov 24 puts are next most active. 42K puts and 16K calls trade total, which is 4X daily average. 30-day implied volatility jumped 55% to 120.

PCG PG&E
$25.60

-7.1 (-21.71%)

11/14/18
SBSH
11/14/18
NO CHANGE
Target $48
SBSH
Neutral
PG&E could face $15B or more in damages from wildfires, says Citi
PG&E last night in a regulatory filing said it has drawn its entire $3.3B credit revolver, Citi analyst Praful Mehta tells investors in a research note. The analyst thinks the primary driver of the draw could be concern around a downgrade to a non-investment grade credit rating and the liquidity requirements as a result of such an action. Given the level of structural damages and the loss of 48 lives in the California wildfires, PG&E's damage could be $15B or higher, Mehta contends. The analyst believes PG&E's incident report from November 8 increases the probability that the company's equipment were a potential cause of the fire. Mehta has a Neutral rating on PG&E with a $48 price target. The stock in early trading is down 13%, or $4.28, to $28.44.
11/14/18
WOLF
11/14/18
NO CHANGE
Target $40
WOLF
Peer Perform
PG&E price target lowered to $40 from $50 at Wolfe Research
11/13/18
EDJN
11/13/18
DOWNGRADE
EDJN
Sell
PG&E downgraded to Sell from Hold at Edward Jones
Edward Jones analyst Andrew Smith downgraded PG&E to Sell from Hold.
11/12/18
MSCO
11/12/18
NO CHANGE
MSCO
Morgan Stanley estimates $2B-$4B in insured losses from Camp Fire
Morgan Stanley analysts Kai Pan and Stephen Byrd estimate $2B-$4B in insured losses from the Camp Fire, adding that total economic losses will be higher but insurance penetration is very high as fire losses are covered under standard homeowners polices. Given the incident report issued by PG&E (PCG) and other reports, the focus currently appears to be on PG&E equipment, the analysts added. In a bearish case, damage from the Camp Fire spreads and PG&E shareholders are fully liable for all damages, fully liable for 2017 wildfires, and there is a permanent 30% discount to peers, in which case Pan and Byrd believe PG&E stock would be valued at $37 per share. In a "moderate" case, they assign a 75% probability of full shareholder liability for Camp Fire damages, damages grow by 25% from the current level, and the stock trades at a permanent 15% discount to peers, in which case they believe PG&E would be valued at $59 per share. Pan and Byrd believe PG&E shares now reflect $17B for 2017-18 fires plus a permanent 25% discount to peers. In terms of Edison International (EIX), the analyst sees $5B for 2017-18 fires plus a permanent 20% discount to peers being reflected in the stock. In the bearish case, they see Edison being valued at $57 per share and in the moderate case they see it valued at $70 per share.

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DMPI

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RTN

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UHAL

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NTLA

Intellia Therapeutics

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GD

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NVLN

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LMT

Lockheed Martin

$376.85

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OncoSec

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TNXP

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CVEO

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AGO

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RMED

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LQDA

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V

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