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PCG

PG&E

$17.77

-7.89 (-30.75%)

18:28
11/15/18
11/15
18:28
11/15/18
18:28

CPUC doesn't want PG&E to go into bankruptcy, Bloomberg says

A California Public Utilities Commission official told investors on a conference call that it does not wish for PG&E to go into bankruptcy, Bloomberg reports, citing a person familiar with the matter. The call, which was hosted by Bank of America analysts, included PUC president Michael Picker and other agency officials, the report says. Investors are awaiting any action from California to help the beleaguered utility, the report notes. Shares of PG&E surged 33.6% in after hours trading. Reference Link

PCG PG&E
$17.77

-7.89 (-30.75%)

11/15/18
BOFA
11/15/18
NO CHANGE
Target $50
BOFA
Buy
PG&E recent weakness overdone, bankruptcy fears overstated, says BofA/Merrill
BofA Merrill Lynch analyst Julien Dumoulin-Smith said he views the recent weakness in PG&E shares as overdone. Based on his latest talks with legislative stakeholders, the analyst thinks "clean up" legislation could be introduced as soon as December 3, whereby text could potentially expand SB 901 to offer both securitization levers and applicability of the customer threshold filing to the 2018 fires, Dumoulin-Smith tells investors. He believes concerns about a potential bankruptcy filing are overstated, contending that "even municipalization or break-up arguments supportive of valuation at current levels." He lowered his price target on PG&E shares to $50 from $63, but reiterates a Buy rating on the stock, noting that he estimate about a $6 per share impact to his valuation from the Camp Fire assuming a pre-tax $10B liability in his valuation base case.
11/15/18
11/15/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Blue Apron (APRN) downgraded to Neutral from Buy at Guggenheim with analyst Michael Graham saying the company's net loss of 71K customers was higher than anticipated even though EBITDA came in higher than expected. 2. Horizon Pharma (HZNP) downgraded to Neutral from Buy at Mizuho with analyst Irina Koffler saying after she spoke with management about planned investments in teprotumumab pre-launch and the Mirror trial, she reduced her 2019 forecasts for Krystexxa and Actimmune to below consensus. 3. Cabot Oil & Gas (COG) downgraded to Hold from Buy at Tudor Pickering. 4. Hawaiian Electric (HE) downgraded to Underperform from Neutral at BofA/Merrill with analyst Julien Dumoulin-Smith citing strong relative share performance on investor activism. 5. PG&E (PCG) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Stephen Byrd saying he sees an "unprecedented" level of uncertainty given that there is currently no liability cap that would be applied to 2018 wildfires. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/18
11/15/18
DOWNGRADE
Target $31

Equal Weight
Morgan Stanley cuts PG&E to Equal Weight amid 'unprecedented' fire uncertainty
As previously reported, Morgan Stanley analyst Stephen Byrd downgraded PG&E to Equal Weight from Overweight as he sees an "unprecedented" level of uncertainty given that there is currently no liability cap that would be applied to 2018 wildfires. He notes that changes to the criteria for CPUC evaluation do not go into effect until 2019 and that there is no clear path to new legislation in the near-term. Byrd also points out that a recently-passed bill included language that requires the CPUC to consider the utility's financial status when assigning costs to shareholders for wildfires, but investors worry that the cap may not cover the damages from the Camp Fire. While he thinks it would apply, Byrd said clarity on this cap may not come until 6-9 months from now. The analyst, who also cites the potential for additional fires this year, lowered his price target on PG&E shares to $31 from $67.
11/15/18
MSCO
11/15/18
DOWNGRADE
MSCO
Equal Weight
PG&E downgraded to Equal Weight from Overweight at Morgan Stanley

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Pros Holdings

$45.06

-0.25 (-0.55%)

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AKAO

Achaogen

$0.00

(0.00%)

08:30
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Options
One new option listing and one option delisting on April 26th »

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AMZN

Amazon.com

$1,902.53

1.81 (0.10%)

08:29
04/26/19
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08:29
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08:29
Recommendations
Amazon.com analyst commentary at Deutsche Bank »

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$45.06

-0.25 (-0.55%)

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Earnings
ProsHoldings sees Q2 EPS (11c) to (9c), consensus (12c) »

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BC

Brunswick

$48.51

-6.01 (-11.02%)

08:28
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08:28
Recommendations
Brunswick analyst commentary at Longbow »

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  • 08

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PETX

Aratana Therapeutics

$3.45

0.03 (0.88%)

, ELAN

Elanco

$32.42

0.33 (1.03%)

08:26
04/26/19
04/26
08:26
04/26/19
08:26
Conference/Events
Elanco Animal Health to hold a conference call »

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PETX

Aratana Therapeutics

$3.45

0.03 (0.88%)

ELAN

Elanco

$32.42

0.33 (1.03%)

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TSLA

Tesla

$247.51

-11.19 (-4.33%)

08:25
04/26/19
04/26
08:25
04/26/19
08:25
Periodicals
Tesla's Musk, SEC ask for more time again over Twitter controvery, Reuters says »

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GT

Goodyear Tire

$19.56

-0.54 (-2.69%)

08:23
04/26/19
04/26
08:23
04/26/19
08:23
Hot Stocks
Breaking Hot Stocks news story on Goodyear Tire »

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  • 26

    Apr

F

Ford

$9.41

-0.17 (-1.77%)

08:22
04/26/19
04/26
08:22
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08:22
Periodicals
DOJ opens criminal investigation into Ford, Reuters reports »

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ZFGN

Zafgen

$2.55

0.17 (7.14%)

08:22
04/26/19
04/26
08:22
04/26/19
08:22
Initiation
Zafgen initiated  »

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$DJT

DJ Transportation Average

$0.00

(0.00%)

08:20
04/26/19
04/26
08:20
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08:20
Technical Analysis
DJ Transportation Average: Pivot points »

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$DJU

DJ Utility Average

$0.00

(0.00%)

08:20
04/26/19
04/26
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08:20
Technical Analysis
DJ Utility Average: Pivot points »

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DJX

Dow Jones Industrial Average

$0.00

(0.00%)

08:20
04/26/19
04/26
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08:20
Technical Analysis
Dow Jones Industrial Average: Pivot points »

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IYT

iShares Transportation Average

$194.95

-4.58 (-2.30%)

08:20
04/26/19
04/26
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08:20
Technical Analysis
iShares Transportation Average: Pivot points »

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XLK

Technology Select Sector SPDR

$78.85

-0.03 (-0.04%)

08:19
04/26/19
04/26
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08:19
Technical Analysis
Technology Select Sector SPDR: Pivot points »

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XLE

Energy Select Sector SPDR

$67.07

-0.23 (-0.34%)

08:19
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Technical Analysis
Energy Select Sector SPDR: Pivot points »

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XLY

Consumer Discretionary Sector SPDR

$119.70

-0.65 (-0.54%)

08:19
04/26/19
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08:19
Technical Analysis
Consumer Discretionary Sector SPDR: Pivot points »

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XLB

S&P Select Materials SPDR

$56.60

-0.73 (-1.27%)

08:19
04/26/19
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Technical Analysis
S&P Select Materials SPDR: Pivot points »

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XLU

Utilities SPDR

$58.03

0.245 (0.42%)

08:18
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Technical Analysis
Utilities SPDR: Pivot points »

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XLP

Consumer Staples Sector SPDR

$56.47

-0.36 (-0.63%)

08:18
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Technical Analysis
Consumer Staples Sector SPDR: Pivot points »

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XLV

Health Care Select Sector SPDR

$88.19

0.97 (1.11%)

08:18
04/26/19
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08:18
Technical Analysis
Health Care Select Sector SPDR: Pivot points »

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IWM

iShares Trust Russell 2000 Index Fund

$156.75

-1.27 (-0.80%)

08:18
04/26/19
04/26
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08:18
Technical Analysis
iShares Trust Russell 2000 Index Fund: Pivot points »

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GT

Goodyear Tire

$19.56

-0.54 (-2.69%)

08:17
04/26/19
04/26
08:17
04/26/19
08:17
Hot Stocks
Goodyear Tire CEO says 'we gained momentum in the U.S. during the quarter' »

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DIA

Diamonds Fund ETF

$264.58

-1.32 (-0.50%)

08:17
04/26/19
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08:17
Technical Analysis
Diamonds Fund ETF: Pivot points »

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SPY

SPDR S&P 500 ETF Trust

$292.12

-0.1 (-0.03%)

08:17
04/26/19
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Technical Analysis
SPDR S&P 500 ETF Trust: Pivot points »

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