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PCG

PG&E

$24.20

0.64 (2.72%)

11:30
11/21/18
11/21
11:30
11/21/18
11:30

2K PG&E Mar 28 - 33 call spreads bought for $1.58

2K PG&E Mar 28 - 33 call spreads bought for $1.58. The stock up 67c to $24.17 and the vertical expresses confidence that shares can rebound further through the March Quad Witch expiration. The stock was near $49 on 11/7 before a free-fall to $17.70 on 11/15 amid concerns about the company's liabilities related to California wildfires. It has since rebounded 36.5% and the call spread targets another 36.5% to $33 or better.

PCG PG&E
$24.20

0.64 (2.72%)

11/19/18
MSCO
11/19/18
NO CHANGE
Target $31
MSCO
Equal Weight
PG&E break-up could be constructive to valuation, but risky, says Morgan Stanley
After California Public Utilities Commission President Michael Picker said the Commission would explore potentially breaking up PG&E, Morgan Stanley analyst Stephen Byrd said he believes a break-up could be constructive to the stock's valuation, but he also sees significant risks to such an approach, identifying the key risk as the regulator, and potentially lawmakers, seeking greater asset coverage for wildfire-related damages beyond the value of the electric utility. He also notes the risk that damages from the Camp Fire could increase from current estimates, given potential liabilities for wrongful death and for air quality damages. Byrd maintains an Equal Weight rating and $31 price target on PG&E shares.
11/19/18
LEHM
11/19/18
NO CHANGE
Target $30
LEHM
Equal Weight
PG&E price target lowered to $30 from $53 at Barclays
Barclays analyst Eric Beaumont lowered his price target for PG&E to $30 citing the risks and "unquantifiable" potential future liabilities from wildfires. His assumed book value for 2019 represents PG&E's currently forecasted book value of $21.7B, less $6B in 2017/2018 wildfire liability to arrive at $18.7B. He remains Equal Weight on the shares but "would see any investment at this point as involving significant risk."
11/16/18
11/16/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Qualcomm (QCOM) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst James Faucette saying he thinks consensus estimates now imply a more realistic scenario for QCT margins and that lowered expectations on a resolution with Apple (AAPL) gives room for the stock to react positively should legal proceedings trigger a settlement. 2. Spark Therapeutics (ONCE) upgraded to Neutral from Underperform at Credit Suisse with analyst Martin Auster saying with uniQure's (QURE) update validating AMT-061, its second generation hemophilia B gene therapy construct incorporating the Padua variant, and Freeline's initial data disclosed in ASH abstracts, he sees a more competitive landscape in hemophilia B gene therapy, and lowered his market share assumptions for SPK-9001 to reflect this new dynamic. 3. Armstrong Flooring (AFI) upgraded to Buy from Hold at Gabelli with analsyt Alvaro Lacayo saying the sale of the wood business is a transformative deal and removes two underperforming segments that have been under increased pressure from private label competition. 4. DSW (DSW) upgraded to Neutral from Negative at Susquehanna. 5. PG&E (PCG) and Edison International (EIX) were upgraded to Buy from Neutral at Citi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/16/18
SBSH
11/16/18
UPGRADE
Target $59
SBSH
Buy
Citi upgrades Edison International to Buy following CPUC statement
Citi analyst Praful Mehta upgraded Edison International (EIX) to Buy from Neutral while lowering his price target for the shares to $59 from $72. In a statement yesterday, the California Public Utilities Commission indicated that it will apply a cap when evaluating wildfire-related expenses, including the 2018 fires, Mehta tells investors in a research note partially titled "CPUC Steps-Up Bigtime." The analyst does not think the CPUC would be "taking this aggressive step to support the utilities" without some support from the legislative side. Mehta also upgraded PG&E (PCG) to Buy from Neutral citing a similar rationale.

TODAY'S FREE FLY STORIES

XRX

Xerox

$21.25

-0.02 (-0.09%)

12:25
12/18/18
12/18
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Options
Xerox call volume above normal and directionally bullish »

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  • 05

    Feb

BPMUF

Basilea Pharmaceutica

$0.00

(0.00%)

12:25
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Conference/Events
Cantor Fitzgerald pharma analysts to hold an analyst/industry conference call »

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  • 18

    Dec

12:25
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Conference/Events
Federal Reserve Board to hold a closed meeting »

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GM

General Motors

$35.20

0.54 (1.56%)

12:23
12/18/18
12/18
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Periodicals
GM to cut 50 jobs at Detroit lithium-ion battery assembly plant, Reuters reports »

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PVH

PVH Corp.

$93.27

1.92 (2.10%)

12:21
12/18/18
12/18
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PVH Corp. CEO Chirico acquires 10,000 shares for $95.51 »

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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

Volume is above average…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

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

Volume is average for…

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XOXO

XO Group

$35.00

0.015 (0.04%)

12:12
12/18/18
12/18
12:12
12/18/18
12:12
Hot Stocks
XO Group shareholders approve merger with WeddingWire »

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VLKAY

Volkswagen

$0.00

(0.00%)

12:07
12/18/18
12/18
12:07
12/18/18
12:07
Hot Stocks
DOJ says Germany's IAV GmbH to Pay $35M fine for role in VW emissions fraud »

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DSW

DSW

$24.00

0.78 (3.36%)

12:05
12/18/18
12/18
12:05
12/18/18
12:05
Options
DSW call volume above normal and directionally bullish »

Bullish option flow…

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LXFR

Luxfer

$19.06

-2.36 (-11.02%)

12:00
12/18/18
12/18
12:00
12/18/18
12:00
Hot Stocks
Luxfer falls -10.9% »

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  • 18

    Dec

BPT

BP Prudhoe Bay

$22.75

-2.745 (-10.77%)

12:00
12/18/18
12/18
12:00
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12:00
Hot Stocks
BP Prudhoe Bay falls -11.2% »

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DGAZ

VelocityShares 3x Inv Natural Gas ETN

$81.94

-11.81 (-12.60%)

12:00
12/18/18
12/18
12:00
12/18/18
12:00
Hot Stocks
VelocityShares 3x Inv Natural Gas ETN falls -12.4% »

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DWT

Britannia Bulk

$16.08

1.7 (11.82%)

12:00
12/18/18
12/18
12:00
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12:00
Hot Stocks
Britannia Bulk rises 11.7% »

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UGAZ

VelocityShares 3x Long Natural Gas ETN

$81.37

8.68 (11.94%)

12:00
12/18/18
12/18
12:00
12/18/18
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Hot Stocks
VelocityShares 3x Long Natural Gas ETN rises 11.9% »

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NAV

Navistar

$26.90

3.06 (12.84%)

12:00
12/18/18
12/18
12:00
12/18/18
12:00
Hot Stocks
Navistar rises 12.8% »

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  • 18

    Dec

VLKAY

Volkswagen

$0.00

(0.00%)

11:57
12/18/18
12/18
11:57
12/18/18
11:57
Periodicals
Volkswagen seen gaining edge in German test case, Bloomberg says »

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TWLO

Twilio

$84.00

-3.45 (-3.95%)

11:55
12/18/18
12/18
11:55
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11:55
Options
Twilio put volume heavy and directionally bearish »

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  • 19

    Dec

  • 20

    Dec

11:55
12/18/18
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11:55
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Conference/Events
RBC Capital retail-hardlines analyst to hold a group luncheon »

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ADTN

Adtran

$10.92

-0.05 (-0.46%)

11:51
12/18/18
12/18
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11:51
Earnings
Adtran announces CAF II solutions to address rural U.S. areas without broadband »

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11:50
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11:50
General news
FX Action: USD-CAD »

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FB

Facebook

$143.24

2.93 (2.09%)

11:47
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Facebook COO Sandberg says needs to step up efforts to curb misinformation »

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AMT

American Tower

$162.39

1.47 (0.91%)

11:45
12/18/18
12/18
11:45
12/18/18
11:45
Conference/Events
American Tower management to meet with SunTrust »

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  • 18

    Dec

CPRX

Catalyst Pharmaceuticals

$2.43

0.085 (3.62%)

, ENDP

Endo

$9.45

(0.00%)

11:43
12/18/18
12/18
11:43
12/18/18
11:43
Hot Stocks
Catalyst Pharmaceuticals, Endo sign definitive agreement for vigabatrin tablets »

Catalyst Pharmaceuticals…

CPRX

Catalyst Pharmaceuticals

$2.43

0.085 (3.62%)

ENDP

Endo

$9.45

(0.00%)

03/08/13
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03/08/13
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03/06/13
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TEVA

Teva

$17.39

-0.26 (-1.47%)

11:40
12/18/18
12/18
11:40
12/18/18
11:40
Options
Put buyer in Teva Pharmaceuticals appears to adjust week-old position »

Put buyer in Teva…

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