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PCG

PG&E

$12.53

0.8 (6.82%)

11:57
01/28/19
01/28
11:57
01/28/19
11:57

CPUC calls emergency vote today on PG&E bankruptcy exemption

The California Public Utilities Commissions said it will hold an emergency voting meeting today to address a PG&E request for an exemption from the application of Public Utilities Code sections 817, 818, 823, and 851, regarding review of financial transactions, prior to January 29, 2019. PG&E filed an expedited request for an exemption on January 18, and stated that CPUC action is needed prior to January 29, when the company expects to make a filing for reorganization under Chapter 11 in the U.S. Bankruptcy Court, the agency said in a statement on its website. Shares of PG&E are up 61c, or 5%, to $12.38 in midday trading. Reference Link

PCG PG&E
$12.53

0.8 (6.82%)

01/28/19
WOLF
01/28/19
UPGRADE
Target $29
WOLF
Outperform
PG&E upgraded to Outperform from Peer Perform at Wolfe Research
Wolfe Research analyst Steven Fleishman upgraded PG&E to Outperform from Peer Perform while acknowledging that the company will likely file bankruptcy tomorrow, stating that he views bankruptcy "as a path to maximize equity value, not eliminate it." He sees bankruptcy providing a fairer forum to resolve claims in federal courts, a quicker path to challenge inverse condemnation rules and a cleaner path for asset sales, Fleishman tells investors. He maintains a $29 price target on PG&E shares, adding that he believes much of the negatives of bankruptcy have already been priced into the stock.
01/25/19
JPMS
01/25/19
NO CHANGE
Target $11
JPMS
Neutral
PG&E still faces $28B in liabilities despite positive report, says JPMorgan
JPMorgan analyst Christopher Turnure says yesterday's report from the California Department of Forestry and Fire Protection is a "clear positive" for PG&E. With the report finding that PG&E wires were not the source of ignition for Tubbs Fire, the analyst now assumes the company is largely absolved of an estimated $7B of liabilities. Despite this favorable finding, PG&E continues to face roughly $28B of gross fire liabilities, Turnure tells investors in a research note. The primary challenges are that potential liabilities continue to exceed the financing capacity of the company, adds the analyst. He believes PG&E will face years of litigation stemming from the 2017-2018 wildfires absent its potential bankruptcy filing. Turnure raised his price target for the shares to $11 from $10 and keeps a Neutral rating on PG&E. The stock closed yesterday up 74%, or $5.92, to $13.95.
01/25/19
RBCM
01/25/19
NO CHANGE
Target $16
RBCM
Sector Perform
PG&E price target raised to $16 from $8 at RBC Capital
RBC Capital analyst Shelby Tucker raised his price target on PG&E to $16 after the CAL FIRE determination that its equipment was not responsible for the Tubbs Fire that resulted in $8B in economic losses. The analyst notes that the company's intent toward bankruptcy will be questioned, but also sees the ruling as supportive of its "quest to repeal condemnation for investor-owned utilities in California". Tucker keeps his Sector Perform rating on PG&E given the continued uncertainty surrounding its potential liabilities in the 2017 and 2018 wildfires.
01/25/19
SBSH
01/25/19
NO CHANGE
SBSH
Buy
Calfire report lowers PG&E liabilities by $11 per share, says Citi
The Calfire report stating that PG&E equipment didn't cause the Tubbs fire lowered the company's 2017 net liabilities from $8B to ~$2B, which translates to an increase of $11 per share, Citi analyst Praful Mehta tells investors in a research note. Effectively, the cost cap can now be applied to 2018 damages and potentially reduce those liabilities, says the analyst. However, he adds that since securitization isn't authorized for 2018 fires, the news does not reduce PG&E's 2018 net liabilities for now. PG&E still likely goes ahead with its bankruptcy filing, says Mehta. He keeps a Neutral rating on the shares.

TODAY'S FREE FLY STORIES

WSM

Williams-Sonoma

$70.48

-0.88 (-1.23%)

21:33
11/12/19
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21:33
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21:33
Initiation
Williams-Sonoma initiated at Barclays »

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W

Wayfair

$84.57

1.28 (1.54%)

21:31
11/12/19
11/12
21:31
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21:31
Initiation
Wayfair initiated at Barclays »

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    Dec

VFC

VF Corp.

$84.69

-1.7 (-1.97%)

21:28
11/12/19
11/12
21:28
11/12/19
21:28
Initiation
VF Corp. initiated at Barclays »

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URBN

Urban Outfitters

$30.85

0.295 (0.97%)

21:25
11/12/19
11/12
21:25
11/12/19
21:25
Initiation
Urban Outfitters initiated at Barclays »

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  • 19

    Nov

UAA

Under Armour

$17.29

-0.295 (-1.68%)

21:23
11/12/19
11/12
21:23
11/12/19
21:23
Initiation
Under Armour initiated at Barclays »

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ULTA

Ulta Beauty

$244.06

2.19 (0.91%)

21:19
11/12/19
11/12
21:19
11/12/19
21:19
Initiation
Ulta Beauty initiated at Barclays »

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  • 05

    Dec

TJX

TJX

$58.40

-0.14 (-0.24%)

21:15
11/12/19
11/12
21:15
11/12/19
21:15
Initiation
TJX initiated at Barclays »

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  • 19

    Nov

TPR

Tapestry

$26.38

-0.295 (-1.11%)

21:12
11/12/19
11/12
21:12
11/12/19
21:12
Initiation
Tapestry initiated at Barclays »

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  • 20

    Nov

AFL

Aflac

$53.97

-0.04 (-0.07%)

21:02
11/12/19
11/12
21:02
11/12/19
21:02
Hot Stocks
Aflac names Frederick Crawford new COO »

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ROST

Ross Stores

$110.97

-1.16 (-1.03%)

21:00
11/12/19
11/12
21:00
11/12/19
21:00
Initiation
Ross Stores initiated at Barclays »

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  • 21

    Nov

RL

Ralph Lauren

$111.44

-2.58 (-2.26%)

20:57
11/12/19
11/12
20:57
11/12/19
20:57
Initiation
Ralph Lauren initiated at Barclays »

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RH

RH

$174.48

-0.18 (-0.10%)

20:56
11/12/19
11/12
20:56
11/12/19
20:56
Initiation
RH initiated at Barclays »

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PVH

PVH Corp.

$96.91

0.14 (0.14%)

20:53
11/12/19
11/12
20:53
11/12/19
20:53
Initiation
PVH Corp. initiated at Barclays »

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  • 26

    Nov

JWN

Nordstrom

$36.90

-0.52 (-1.39%)

20:51
11/12/19
11/12
20:51
11/12/19
20:51
Initiation
Nordstrom initiated at Barclays »

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  • 20

    Nov

NKE

Nike

$89.51

-0.52 (-0.58%)

20:46
11/12/19
11/12
20:46
11/12/19
20:46
Initiation
Nike initiated at Barclays »

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EYE

National Vision

$27.03

0.24 (0.90%)

20:43
11/12/19
11/12
20:43
11/12/19
20:43
Initiation
National Vision initiated at Barclays »

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LB

L Brands

$17.53

0.02 (0.11%)

20:40
11/12/19
11/12
20:40
11/12/19
20:40
Initiation
L Brands initiated at Barclays »

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  • 21

    Nov

BABA

Alibaba

$186.97

0.26 (0.14%)

20:25
11/12/19
11/12
20:25
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20:25
Periodicals
Alibaba gets approval to sell shares in Hong Kong, SCMP reports »

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  • 19

    Nov

ENR

Energizer

$42.01

-1.1 (-2.55%)

, SPB

Spectrum Brands

$51.19

-0.76 (-1.46%)

20:25
11/12/19
11/12
20:25
11/12/19
20:25
Earnings
Notable companies reporting before tomorrow's open »

Notable companies…

ENR

Energizer

$42.01

-1.1 (-2.55%)

SPB

Spectrum Brands

$51.19

-0.76 (-1.46%)

SSYS

Stratasys

$20.74

0.04 (0.19%)

FVRR

Fiverr

$21.56

-0.47 (-2.13%)

MTOR

Meritor

$23.44

-0.25 (-1.06%)

03/08/13
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  • 13

    Nov

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  • 13

    Nov

  • 13

    Nov

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    Nov

  • 21

    Nov

  • 09

    Dec

  • 12

    Dec

DDOG

Datadog

$34.40

0.89 (2.66%)

20:02
11/12/19
11/12
20:02
11/12/19
20:02
Hot Stocks
Datadog establishes Japanese subsidiary »

Datadog announced that it…

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  • 12

    Nov

  • 19

    Nov

NKE

Nike

$89.51

-0.52 (-0.58%)

, AMZN

Amazon.com

$1,778.33

6.63 (0.37%)

19:40
11/12/19
11/12
19:40
11/12/19
19:40
Periodicals
Nike says to end retail pilot project w/ Amazon.com but continue AWS partnership 

Report from Bloomberg.

NKE

Nike

$89.51

-0.52 (-0.58%)

AMZN

Amazon.com

$1,778.33

6.63 (0.37%)

03/08/13
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  • 13

    Nov

  • 14

    Nov

  • 15

    Nov

  • 19

    Nov

  • 20

    Nov

HPE

HP Enterprise

$17.34

-0.11 (-0.63%)

, FJTSY

Fujitsu

$0.00

(0.00%)

19:34
11/12/19
11/12
19:34
11/12/19
19:34
Hot Stocks
HP Enterprise's Cray to partner with Fujitsu on 'supercomputer' technology »

Cray, a Hewlett Packard…

HPE

HP Enterprise

$17.34

-0.11 (-0.63%)

FJTSY

Fujitsu

$0.00

(0.00%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 25

    Nov

  • 09

    Dec

  • 09

    Dec

  • 10

    Dec

IMAX

Imax

$21.26

-0.62 (-2.83%)

19:23
11/12/19
11/12
19:23
11/12/19
19:23
Hot Stocks
Imax names Edwin Tan as CEO of Imax China »

IMAX China announced the…

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  • 14

    Nov

  • 20

    Nov

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$308.96

0.57 (0.18%)

19:21
11/12/19
11/12
19:21
11/12/19
19:21
Periodicals
Tariffs on China imports become stumbling block to trade pact, WSJ says »

Tariffs are emerging as…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$308.96

0.57 (0.18%)

03/08/13
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CHK

Chesapeake

$0.67

-0.138 (-17.08%)

19:19
11/12/19
11/12
19:19
11/12/19
19:19
Hot Stocks
Chesapeake CEO says 'strongly' believes in current capital program »

November 12, 2019,…

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