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Fly News Breaks for July 1, 2019
Jul 1, 2019 | 04:52 EDT
Early Friday morning the California Senate released their changes to AB 1054 which addresses the wildfire risk for each of the state's utilities, Mizuho analyst Paul Fremont tells investors in a research note. The analyst views the changes as "constructive" for the California utilities. Utilities will fund $7.5B of the $18B Wildfire Mitigation fund, and will be able to get recovery, but not a return on, $5B worth of wildfire mitigation capital expenditures, the analyst points out. Further, until PG&E (PCG) emerges from bankruptcy, which is expected in March 2020, the Wildfire Mitigation Fund will only pay out 40% of allowed claims, adds Fremont. He keeps a Buy rating on Edison International (EIX) and Neutral rating on PG&E.
News For EIX;PCG From the Last 2 Days
Aug 16, 2019 | 09:55 EDT
Notable gainers among liquid option names this morning include NVIDIA (NVDA) $158.88 +10.08, General Electric (GE) $8.50 +0.50, L Brands (LB) $20.39 +0.71, PG&E (PCG) $14.89 +0.51, and Mylan (MYL) $18.18 +0.59.