PG&E Soars in Late Trading, Erasing Thursday's Plunge
PG&E Soars in Late Trading, Erasing Thursday's Plunge
(Bloomberg) -- PG&E Corp.’s wild ride continues. The company’s shares are soaring 35 percent in post-market trading in New York, amid a week that has seen the San Francisco-based utility’s stock decline by almost two-thirds.
The late-day rally comes after Bank of America earlier said the weakness in PG&E shares from the wildfires was overdone, and bankruptcy concerns are overstated. The state legislature is out of session now, bit is scheduled to swear in new members on Dec. 3.
At that point, it may opt to introduce amendments to a wildfire liability law passed in August, according to a research note Thursday from Bank of America.
The previous decline for PG&E had wiped out $15 billion in market value as the state’s deadliest wildfires continue to rage. Edison International, which operates in the south part of the state, gained 11 percent in after-hours trading, erasing most of its 12 percent decline in regular trading.
To contact the reporter on this story: Michael Bellusci in Toronto at mbellusci2@bloomberg.net
To contact the editor responsible for this story: Courtney Dentch at cdentch1@bloomberg.net
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