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PCG

PG&E

$6.24

-0.23 (-3.55%)

18:44
11/11/19
11/11
18:44
11/11/19
18:44

PG&E offers $13.5B in compensation to victims of CA fires, Bloomberg says

PG&E is offering to pay $13.5B in compensation to the victims of wildfires caused by its power lines as part of a restructuring plan, Bloombeg's Mark Chediak and Scott Deveau report, citing people with knowledge of the situation. The company is aiming to provide the same amount that a group of creditors has agreed to pay victims in a competing reorganization proposal, the authors note. Reference Link

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PCG PG&E
$6.24

-0.23 (-3.55%)

10/11/19
10/11/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Crowdstrike (CRWD) downgraded to Sell from Neutral at Goldman Sachs with analyst Heather Bellini stating while CrowdStrike is very well positioned in the market for endpoint security, a "blue sky analysis" suggests this is likely priced in at current share levels. 2. Terex (TEX) downgraded to Underweight from Equal Weight at Barclays with analyst Adam Seiden expecting the rental equipment market to move from equilibrium to oversupplied by 2020. 3. Delta Air Lines (DAL) downgraded to Hold from Buy at Argus with analyst John Staszark saying that while Delta is among the best managed airlines, he thinks better returns are available elsewhere, as Delta is facing prospects for rising costs and slowing revenue growth. 4. PG&E (PCG) downgraded to Sell from Neutral at Citi with analyst Praful Mehta seeing a 75% chance of the stock going to zero after Judge Montali terminated PG&E's exclusive right to advance a plan of reorganization. 5. Canopy Growth (CGC) downgraded to Underperform from Hold at Jefferies with analyst Owen Bennett saying despite the recent selloff in shares, Canopy is the most expensive name across the cannabis space. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/25/19
SBSH
10/25/19
NO CHANGE
Target $5
SBSH
Sell
Kincade fire increases probability of PG&E shares going to zero, says Citi
As of this morning, the Kincade fire covered ten thousand acres, was not contained and caused damage to two structures, Citi analyst Praful Mehta tells investors in a research note. It is not clear if PG&E equipment was involved, says Mehta, who believes shareholders are worried "and should be." It is important to note that any damages from a 2019 fire may be treated as post-petition claims that could recover 100 cents on the dollar, Mehta points out. Per AB1054, the wildfire fund is only liable to pay 40% of the damages for a 2019 fire. Further, the analyst believes that if Kindcade causes significant damage, PG&E's claim estimation and financing plans are likely to get delayed. Given the already very tight schedule to hit the June 2020 timeline per AB1054, a significant fire puts a timely exit and AB1054 at risk, says Mehta. As a result, the analyst believes the Kincade fire increases the probability of a zero share price for PG&E. While the bondholder plan wipes out existing shareholders, a large 2019 wildfire liability will also result in a similar outcome "purely from the liabilities and the associated need for additional financing," Mehta argues. He keeps a Sell rating on PG&E shares with a $5 price target. The probability of a zero equity value continues to increase, he says.The stock in premarket trading is down 28%, or $2.04, to $5.16.
10/25/19
MSCO
10/25/19
NO CHANGE
Target $16
MSCO
Equal Weight
Morgan Stanley says report raises risk that PG&E equipment involved in fire
Morgan Stanley analyst Stephen Byrd said PG&E filed an incident report on Thursday evening about the Kincade Fire which contained details that, while not necessarily indicating that the utility's equipment caused the fire, raise the risk that PG&E equipment could have been involved. He has an Equal Weight rating and $16 price target on PG&E shares, which are down about 20% to $5.72 at time of writing, off their worst levels from earlier in the pre-market session.
10/28/19
WOLF
10/28/19
DOWNGRADE
Target $19
WOLF
Peer Perform
Clearway Energy downgraded to Peer Perform on PG&E risk at Wolfe Research
Wolfe Research analyst Steve Fleishman downgraded Clearway Energy (CWEN) to Peer Perform from Outperform with a price target of $19, down from $21. The analyst notes Clearway has the most exposure to PG&E (PCG) with 30% of consolidated CAFD derived from the company.

TODAY'S FREE FLY STORIES

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FX Action: USD-CAD »

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LDOS

Leidos

$90.74

-1.38 (-1.50%)

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GE

General Electric

$11.35

0.37 (3.37%)

, DAL

Delta Air Lines

$57.04

1.95 (3.54%)

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On The Fly
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GE

General Electric

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DAL

Delta Air Lines

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1.95 (3.54%)

LUV

Southwest

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1.01 (1.87%)

BA

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LULU

Lululemon

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AMRX

Amneal Pharmaceuticals

$5.15

1.665 (47.78%)

CIEN

Ciena

$40.86

5.41 (15.26%)

PLAB

Photronics

$16.39

1.28 (8.47%)

RH

RH

$220.00

-13 (-5.58%)

NDSN

Nordson

$162.80

-4.64 (-2.77%)

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MRVL

Marvell

$25.53

0.75 (3.03%)

12:05
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12:05
Options
Marvell call volume above normal and directionally bullish »

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CVS

CVS Health

$74.11

0.735 (1.00%)

12:03
12/12/19
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12:03
Periodicals
CVS to make gene sequencing test access easier for cancer patients, Reuters says »

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FB

Facebook

$201.83

-0.4 (-0.20%)

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Hot Stocks
Facebook introduces Facebook Pay to simplify payments »

Deborah Liu, VP,…

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FCAU

Fiat Chrysler

$14.64

0.325 (2.27%)

, PUGOY

Peugeot

$0.00

(0.00%)

12:01
12/12/19
12/12
12:01
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12:01
Periodicals
Fiat, PSA Group aim to sign merger agreement next week, Bloomberg reports »

Fiat Chrysler Automobiles…

FCAU

Fiat Chrysler

$14.64

0.325 (2.27%)

PUGOY

Peugeot

$0.00

(0.00%)

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FB

Facebook

$201.80

-0.43 (-0.21%)

12:01
12/12/19
12/12
12:01
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12:01
Periodicals
Facebook to delay naming oversight board members until 2020, Reuters reports »

Facebook will delay the…

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CIEN

Ciena

$40.89

5.44 (15.35%)

12:00
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Hot Stocks
Ciena rises 15.4% »

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DBD

Diebold

$9.93

2.175 (28.05%)

12:00
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Hot Stocks
Diebold rises 28.4% »

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AMRX

Amneal Pharmaceuticals

$5.21

1.725 (49.50%)

12:00
12/12/19
12/12
12:00
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12:00
Hot Stocks
Amneal Pharmaceuticals rises 49.1% »

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PKI

PerkinElmer

$95.54

1.19 (1.26%)

11:56
12/12/19
12/12
11:56
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11:56
Hot Stocks
FDA authorizes PerkinElmer test to aid in newborn screening for DMD »

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AMZN

Amazon.com

$1,754.57

5.46 (0.31%)

11:56
12/12/19
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11:56
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11:56
Periodicals
Breaking Periodicals news story on Amazon.com »

Amazon.com announces…

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11:55
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General news
Treasury's $75 B 4- and 8-week bill auctions garnered mixed results »

Treasury's $75 B 4-…

11:55
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11:55
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11:55
Conference/Events
William Blair financial services/insurance analyst to hold a luncheon »

Financial…

11:55
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11:55
Conference/Events
William Blair software/IT services to hold a group luncheon »

Enterprise Software &…

TOL

Toll Brothers

$39.55

-0.565 (-1.41%)

, DHI

D.R. Horton

$54.73

-1.17 (-2.09%)

11:51
12/12/19
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11:51
Recommendations
Toll Brothers, D.R. Horton analyst commentary  »

Toll Brothers added to…

TOL

Toll Brothers

$39.55

-0.565 (-1.41%)

DHI

D.R. Horton

$54.73

-1.17 (-2.09%)

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ALV

Autoliv

$85.31

2.14 (2.57%)

11:48
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Conference/Events
Autoliv management to meet with Mizuho »

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AAPL

Apple

$269.52

-1.19 (-0.44%)

11:46
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11:46
Periodicals
Apple supplier reaches agreement for $736M bailout, Bloomberg reports »

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IRBT

iRobot

$49.39

3.15 (6.81%)

11:45
12/12/19
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Options
iRobot call volume above normal and directionally bullish »

Bullish option flow…

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11:45
12/12/19
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Conference/Events
The Empire Club of Canada holds a luncheon meeting »

The Bank of Canada…

COUP

Coupa Software

$137.90

-6.21 (-4.31%)

11:43
12/12/19
12/12
11:43
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11:43
Conference/Events
Coupa Software management to meet with Needham »

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FIVN

Five9

$65.32

-0.08 (-0.12%)

11:42
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11:42
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11:42
Conference/Events
Five9 management to meet with Needham »

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FORM

FormFactor

$25.31

1.54 (6.48%)

11:41
12/12/19
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11:41
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11:41
Conference/Events
FormFactor management to meet with Needham »

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11:39
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Conference/Events
JPMorgan biotechnology analysts to hold an analsyt/industry conference call »

Biotech Analysts Kasimov,…

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