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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

TODAY'S FREE FLY STORIES

AGN

Allergan

$138.51

-8.26 (-5.63%)

11:25
12/19/18
12/19
11:25
12/19/18
11:25
Recommendations
Allergan analyst commentary  »

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  • 05

    Jan

11:25
12/19/18
12/19
11:25
12/19/18
11:25
General news
Today's U.S. reports »

Today's U.S. reports…

11:25
12/19/18
12/19
11:25
12/19/18
11:25
Conference/Events
Stephens paper/packaging analyst to hold a luncheon meeting »

Paper & Packaging…

AGN

Allergan

$138.73

-8.04 (-5.48%)

11:21
12/19/18
12/19
11:21
12/19/18
11:21
Recommendations
Allergan analyst commentary  »

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  • 05

    Jan

HSY

Hershey

$107.81

3.44 (3.30%)

, AXP

American Express

$100.28

-0.72 (-0.71%)

11:19
12/19/18
12/19
11:19
12/19/18
11:19
On The Fly
Fly Intel: Today's top analyst calls on Wall Street »

Check out today's top…

HSY

Hershey

$107.81

3.44 (3.30%)

AXP

American Express

$100.28

-0.72 (-0.71%)

MU

Micron

$32.99

-1.13 (-3.31%)

AAPL

Apple

$166.56

0.75 (0.45%)

AMZN

Amazon.com

$1,565.24

14.24 (0.92%)

GE

General Electric

$7.82

0.545 (7.50%)

03/08/13
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  • 19

    Dec

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    Dec

  • 04

    Jan

  • 07

    Jan

  • 08

    Jan

FB

Facebook

$141.92

-1.72 (-1.20%)

11:18
12/19/18
12/19
11:18
12/19/18
11:18
Technical Analysis
Technical Take: Facebook falls after earlier rally »

The stock was last down…

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

11:17
12/19/18
12/19
11:17
12/19/18
11:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

11:16
12/19/18
12/19
11:16
12/19/18
11:16
Technical Analysis
NYSE market internals summary »

Volume is average for…

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NLSN

Nielsen

$25.21

0.5 (2.02%)

11:10
12/19/18
12/19
11:10
12/19/18
11:10
Options
Call spreads in Nielsen as a bullish play is extended »

Call spreads in Nielsen…

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EMITF

Elbit Imaging

$1.65

0.11 (7.14%)

11:04
12/19/18
12/19
11:04
12/19/18
11:04
Hot Stocks
Elbit Imaging says no longer controlling shareholder of Plaza Centers »

Elbit Imaging announced…

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XRX

Xerox

$21.53

0.46 (2.18%)

11:00
12/19/18
12/19
11:00
12/19/18
11:00
Options
Ratio put spread in Xerox as shares advance from 52-week lows »

Ratio put spread in Xerox…

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  • 05

    Feb

10:55
12/19/18
12/19
10:55
12/19/18
10:55
General news
U.S. existing home sales were stronger than expected in November »

U.S. existing home sales…

COP

ConocoPhillips

$62.73

0.81 (1.31%)

10:50
12/19/18
12/19
10:50
12/19/18
10:50
Options
Notable call activity in ConocoPhillips »

Notable call activity in…

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MHK

Mohawk

$123.49

5 (4.22%)

10:45
12/19/18
12/19
10:45
12/19/18
10:45
Downgrade
Mohawk rating change  »

Mohawk downgraded to Hold…

03/08/13
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VMW

VMware

$158.32

3.66 (2.37%)

10:44
12/19/18
12/19
10:44
12/19/18
10:44
Hot Stocks
Route1 files patent infringement complaint against VMware, AirWatch »

Route1 announced that the…

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  • 10

    Jan

CI

Cigna

$192.93

0.83 (0.43%)

, ESRX

Express Scripts

$95.33

0.31 (0.33%)

10:44
12/19/18
12/19
10:44
12/19/18
10:44
Hot Stocks
Cigna, Express Scripts receive approval from state of NJ for merger transaction »

In a regulatory filing,…

CI

Cigna

$192.93

0.83 (0.43%)

ESRX

Express Scripts

$95.33

0.31 (0.33%)

03/08/13
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  • 10

    Jan

GM

General Motors

$35.68

0.77 (2.21%)

10:40
12/19/18
12/19
10:40
12/19/18
10:40
Options
Far upside call buyer in GM »

Far upside call buyer in…

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CMD

Cantel Medical

$75.82

-0.35 (-0.46%)

10:37
12/19/18
12/19
10:37
12/19/18
10:37
Hot Stocks
Cantel Medical raises semiannual dividend 17.6% to 10c per share »

Cantel Medical Corp.…

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  • 19

    Dec

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$257.42

2.33 (0.91%)

10:32
12/19/18
12/19
10:32
12/19/18
10:32
Periodicals
Senate to introduce short-term measure to avoid government shutdown, CNBC says »

The Senate will introduce…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$257.42

2.33 (0.91%)

03/08/13
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10:31
12/19/18
12/19
10:31
12/19/18
10:31
General news
Crude inventories for week of December 14 »

Crude oil inventories…

ABX

Barrick Gold

$13.82

-0.07 (-0.50%)

10:30
12/19/18
12/19
10:30
12/19/18
10:30
Options
Heavy volume in Barrick Gold downside Jan puts »

Heavy volume in Barrick…

03/08/13
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JKS

JinkoSolar

$10.99

-0.05 (-0.45%)

10:29
12/19/18
12/19
10:29
12/19/18
10:29
Initiation
JinkoSolar initiated  »

JinkoSolar initiated with…

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  • 23

    Dec

10:25
12/19/18
12/19
10:25
12/19/18
10:25
General news
Treasury Action: flattening is the trade ahead of the FOMC »

Treasury Action:…

10:25
12/19/18
12/19
10:25
12/19/18
10:25
Conference/Events
UBS alternative energy analyst to hold an analyst/industry conference call »

Alternative Energy…

10:25
12/19/18
12/19
10:25
12/19/18
10:25
Conference/Events
UBS retail analyst to hold an analyst/industry conference call »

Retail Analyst Sole…

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