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PCG

PG&E

$15.43

1.08 (7.53%)

08:06
02/13/19
02/13
08:06
02/13/19
08:06

PG&E shareholder Blue Mountain to nominate full slate of new Board directors

PG&E shareholder BlueMountain Capital Management, a private diversified alternative asset management firm, provided an update on its progress to nominate a full slate of new directors to replace the current Board of Directors of PG&Ein its entirety at PG&E's Annual Shareholder Meeting scheduled to be held on May 21. Nomination agreements have been executed by 13 candidates. BlueMountain has "focused on selecting nominees with specific and relevant expertise in utility operations, safety, finance and corporate turnarounds, renewables, gas and corporate governance, as well as experience in California business and politics". BlueMountain will publicly announce its slate of nominees no later than February 21. BlueMountain questions "why PG&E would deem it appropriate that as many as five incumbent directors remain on the Board, or why incumbent directors, given PG&E's track record during their tenure, should have a role in selecting new independent directors. BlueMountain believes that, under the current leadership, PG&E has demonstrated a clear lack of transparency with its stakeholders. BlueMountain also believes that the Company cannot rebuild public confidence or emerge swiftly from bankruptcy while any director nominated by the current leadership of PG&E remains at the helm".

PCG PG&E
$15.43

1.08 (7.53%)

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.
01/28/19
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.
02/11/19
02/11/19
DOWNGRADE
Target $65

Market Perform
Edison International downgraded to Market Perform at Wells Fargo
As previously reported, Wells Fargo analyst Neil Kalton downgraded Edison International (EIX) to Market Perform from Outperform to reflect his increasing pessimism that there would be meaningful change to California's inverse condemnation law in the near-term. As a result, investors could remain exposed to substantial tail risk in the event the company's infrastructure is implicated in a catastrophic wildfire, he contends. Positively, Kalton continues to believe PG&E's (PCG) bankruptcy filing could be the catalyst that prompts substantive change to IC. The analyst also trimmed his price target on Edison International's shares to $65 from $66.
02/13/19
MZHO
02/13/19
NO CHANGE
Target $15
MZHO
Neutral
PG&E shares should not be driven by possible FERC contract ruling, says Mizuho
Speculation about a possible court ruling on whether the Federal Energy Regulatory Commission has the authority to block the rejection of contracts under the filed rate doctrine principal should not be a driver in the value of PG&E shares, Mizuho analyst Paul Fremont tells investors in a research note titled "50 Ways to Leave Your Lover." The analyst believes the rejection of purchase power agreements contracts would not add anything to the long-term equity value of PG&E when it emerges from bankruptcy. However, potential savings, which would likely be significant, could provide leverage in negotiations with California State politicians and regulators prior to exiting bankruptcy, adds Fremont. He attributes the stock's current value to the market anticipating a ruling by the bankruptcy court in the next month on whether FERC has the authority to interfere with PG&E's right to reject contracts under the filed rate doctrine principal. The analyst keeps a Neutral rating on PG&E with a $15 price target.

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DBVT

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-0.26 (-3.27%)

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GME

GameStop

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0.12 (1.09%)

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LTN

Union Acquisition Corp

$5.89

-1.44 (-19.65%)

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  • 27

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TDS

Telephone and Data

$32.14

-4.55 (-12.40%)

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DPLO

Diplomat Pharmacy

$7.65

-5.81 (-43.16%)

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PBI

Pitney Bowes

$8.25

1.225 (17.45%)

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SWM

Schweitzer-Mauduit

$41.20

6.51 (18.77%)

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Schweitzer-Mauduit rises 19.0% »

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W

Wayfair

$153.23

36.09 (30.81%)

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Wayfair rises 30.9% »

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CAG

Conagra Brands

$23.13

-0.95 (-3.95%)

11:55
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Options
ConAgra put volume heavy and directionally bearish »

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02/22/19
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FX Action: USD-CAD »

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William Blair medical tech analyst to hold a luncheon »

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TKR

Timken

$43.82

0.41 (0.94%)

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Timken management to meet with KeyBanc »

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KPTI

Karyopharm

$8.97

0.01 (0.11%)

11:50
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Recommendations
Karyopharm analyst commentary  »

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  • 26

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JEC

Jacobs Engineering

$74.22

0.45 (0.61%)

11:48
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Conference/Events
Jacobs Engineering management to meet with KeyBanc »

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  • 27

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TCDA

Tricida

$23.11

0.84 (3.77%)

11:46
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Initiation
Tricida initiated  »

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UPS

UPS

$109.87

-1.89 (-1.69%)

11:45
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Options
UPS call volume above normal and directionally bullish »

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  • 03

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OCUL

Ocular Therapeutix

$4.22

0.61 (16.90%)

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Ocular Therapeutix higher after pricing $37.5M in convertible notes »

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11:35
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General news
The Fed's Monetary Policy Report »

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AXNX

Axonics

$21.65

-0.85 (-3.78%)

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EA

Electronic Arts

$95.01

-1.825 (-1.88%)

11:30
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Options
Buyer pays $3.3M for EA upside calls as shares drop 2% »

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  • 25

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VLKAY

Volkswagen

$0.00

(0.00%)

11:27
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11:27
Periodicals
VW CEO says he hopes company did enough 'to avoid import taxes', CNBC reports »

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AMRN

Amarin

$19.10

1.68 (9.64%)

11:25
02/22/19
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Options
Amarin call volume above normal and directionally bullish »

Bullish option flow…

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  • 27

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MDT

Medtronic

$93.25

0.65 (0.70%)

11:25
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Conference/Events
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