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Stock Market & Financial Investment News

News Breaks
July 30, 2014
05:35 EDTPCGPG&E announces new indictment regarding San Bruno, says charges not merited
The U.S. Attorney's Office altered its allegations against Pacific Gas and Electric Company, filing a new indictment that will replace an indictment filed in April. According to a news release issued by United States Attorney Melinda Haag, the superseding indictment alleges that PG&E obstructed the NTSB's investigation that began immediately after the San Bruno explosion. Additionally, the superseding indictment charges PG&E with 27 counts of knowingly and willfully violating the Pipeline Safety Act, allegedly stemming from PG&E's record keeping and pipeline integrity management practices. According to the government's news release, PG&E is charged with one count of obstruction of an agency proceeding in violation of 18 U.S.C. section 1505, and 27 separate counts of violations of the PSA. The maximum statutory penalty for each count is a $500,000 fine or a fine based on the twice the gross gain PG&E made as a result of the violations, or twice the losses suffered by the victims. The superseding indictment alleges that PG&E derived gross gains of $281M, and victims suffered losses of approximately $565M. PG&E issued this reaction: "San Bruno was a tragic accident. We've taken accountability and are deeply sorry. We have worked hard to do the right thing for victims, their families and the community, and we will continue to do so. We are absolutely committed to re-earning the trust of all of the people we are fortunate to serve every day. We have not yet seen the superseding indictment. However, based on all of the evidence we have seen to date, we do not believe that the charges are warranted and that, even where mistakes were made, employees were acting in good faith to provide customers with safe and reliable energy. We are confident the legal process will ensure all of the facts are fully reviewed. In the meantime, we want all of our customers to know that we will stay focused on transforming this 100-plus-year-old natural gas system into the safest and most reliable in the country."
News For PCG From The Last 14 Days
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July 30, 2015
10:00 EDTPCGOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Altria Group (MO) downgraded to Outperform from Buy at CLSA... Baxter (BAX) downgraded to Market Perform from Outperform at Leerink... Changyou.com (CYOU) downgraded to Hold from Buy at Summit Research... Depomed (DEPO) downgraded to Neutral from Buy at Janney Capital... Euronet (EEFT) downgraded to Neutral from Buy at Monness Crespi... Foundation Medicine (FMI) downgraded to Market Perform at JMP Securities... Garmin (GRMN) downgraded to Underweight from Neutral at JPMorgan... Golden Star Resources (GSS) downgraded to Hold at Canaccord... Grainger (GWW) downgraded on negative catalysts at RBC Capital... Henry Schein (HSIC) downgraded to Hold from Buy at Evercore ISI... LINN Energy (LINE) downgraded to Market Perform from Outperform at Raymond James... LifeLock (LOCK) downgraded to Neutral from Buy at BofA/Merrill... LinnCo (LNCO) downgraded to Market Perform from Outperform at Raymond James... Manitowoc (MTW) downgraded to Hold from Buy at BB&T... PACCAR (PCAR) downgraded to Equal Weight on peak cycle concerns at Morgan Stanley... PG&E (PCG) downgraded to Neutral from Outperform at Credit Suisse... Pacer (PACR) downgraded to Equal Weight from Overweight at Morgan Stanley... Penn Virginia (PVA) downgraded to Sector Perform from Outperform at Scotia... Shutterfly (SFLY) downgraded to Market Perform at Raymond James... Terex (TEX) downgraded to Hold from Buy at BB&T... Total System (TSS) downgraded to Neutral at Baird... Whiting Petroleum (WLL) downgraded to Equal Weight from Overweight at Stephens... Whole Foods (WFM) downgraded to Equal Weight from Overweight at Morgan Stanley.
06:49 EDTPCGPG&E downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse downgraded PG&E to Neutral and lowered its price target to $58 from $61. The firm downgraded shares based on valuation and said the busy regulatory calendar and management's focus on repositioning will push out discussions on dividend policy and longer-term growth rates to some point in 2016.
July 29, 2015
08:45 EDTPCGPG&E lowers FY15 operating EPS view to $2.90-$3.10, consensus $3.43
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08:43 EDTPCGPG&E reports Q2 operating EPS 91c, consensus 72c
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