PG&E stock plunges toward record low after Citi warns it could be worthless

[Just AnotherPerson]

california fire.jpg

See more at the link https://www.marketwatch.com/story/pg...ess-2019-10-25

Excerpt:

Shares of PG&E Corp. plummeted on heavy volume toward a record low Friday, after Citigroup warned that the latest California wildfire, which the utility may have helped start, could render them worthless.

PG&E PCG, +1.60% said Friday that it filed an incident report with the California Public Utilities Commission (CPUC) regarding the “Kincade” fire, which broke out near Geyserville in Sonoma County.

The report said PG&E “became aware” late Wednesday of a transmission outage when a line relayed did not close. CAL FIRE had brought to the attention of a PG&E Troubleman responding Thursday morning to the outage “what appeared to be a broken jumper” on the same wire tower.

PG&E’s PCG, +1.60% stock plummeted 30% in afternoon trading, to fall well below the previous record low close of $6.36 on Jan. 17, 2019, which was nearly two weeks before the utility filed for bankruptcy. Trading volume swelled to 58.9 million shares, compared with the full-day average of about 13.5 million shares.

[MisterVeritis]

Let Californians sit in the feces and the dark.

[Just AnotherPerson]

Let Californians sit in the feces and the dark.

Are you mad at the citizens because PG&E's company is burning their state down? I think what they need to do is put those damn powerlines underground. It seems like such a simple solution. Oh well...…. sigh...

[MisterVeritis]

Are you mad at the citizens because PG&E's company is burning their state down? I think what they need to do is put those damn powerlines underground. It seems like such a simple solution. Oh well...…. sigh...

Mad? No. Californians are mad as Hatters. Each one goofier than the last. California is what emerging socialism looks like. Everywhere it smells of open air cesspools, leprosy, cholera and a miasma of third world odors.

Breathe deep Californians. Enjoy the Dark.

[Just AnotherPerson]

Mad? No. Californians are mad as Hatters. Each One goofier than the last. California is what emerging socialism looks like. Everywhere it smells of open air cesspools, leprosy, cholera and a miasma of third world odors.

Breathe deep Californians. Enjoy the Dark.

But you must admit the problem of the fires from powerlines could easily be solved by putting the lines underground. No?

[AZ Jim]

Let Californians sit in the feces and the dark.

They are people too. Americans. Human beings. God bless them....

[MisterVeritis]

But you must admit the problem of the fires from powerlines could easily be solved by putting the lines underground. No?

Putting powerlines underground creates its own problems.

[MisterVeritis]

They are people too. Americans. Human beings. God bless them....

Californians brought this outcome on themselves.

[Just AnotherPerson]

Putting powerlines underground creates its own problems.

You may be right, but I don't know what they are. Here's what I do know.

Every year we have winter storms that bring down countless powerlines, people suffer without power. It is not just fires. Year after year, where in the hell is evoloution? You think we would learn. Hey let's put the lines underground so we don't have to waste tax payer dollars replacing them every single year. Oh well.

[roadmaster]

Are you mad at the citizens because PG&E's company is burning their state down? I think what they need to do is put those damn powerlines underground. It seems like such a simple solution. Oh well...…. sigh...

The police just arrested a guy today that set two fires in National City, Cal. PG&E is responsible for some but they witnessed this guy running from two fires that broke out. The police had to use pepper balls to get him into custody. This is the forth person this month caught starting fires.