Shares of PG&E Corporation (NYSE:PCG) is a laggard after California’s struggling utility company suggested it will still pursue bankruptcy protection, despite fire investigators deciding that the Tubbs wildfire in 2017 that killed 22 people in Northern California stemmed from a private electrical system and not PG&E’s equipment. That was a win, but PG&E still must confront tens of billions of dollars in damages related to a string of additional wildfires in California in which its equipment played a role. In a statement, the company warned that “resolving the legal liabilities and financial challenges stemming from the 2017 and 2018 wildfires will be enormously complex”.
PG&E shed 15.3% to $11.82
In related news, NextEra Energy (NYSE:NEE) is also taking a hit as the wind and solar company is looking to safeguard its contracts to sell power to PG&E before the Californian utility files for bankruptcy. Indeed, NextEra has asked the Federal Energy Regulatory Commission to issue a ruling that says that PG&E is not allowed to “abrogate, amend or reject” the terms of its power purchase agreements, per a Bloomberg report. NextEra is a clean energy company based in Juno Beach, Florida.
NextEra Energy slipped 1.6% to $177.48.
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On the list of top gainers, meanwhile, is OSI Systems (NASDAQ:OSIS), which is winning attention thanks to its second-quarter results topping estimates. The maker of airport security and full-body scanners swung to net income of $19.1 million from a loss in the year-ago period. Its adjusted earnings of $1.19 per share handily beat the consensus of $0.94 per share. On top of this, its revenue came in at $303.2 million, which was also well ahead of analysts’ forecast of $287.6 million. Based in Hawthorne, California, OSI bills itself as a supplier of screening devices that help governments, law enforcement and the military combat terrorism, drugs, trade fraud and weapons smuggling.
OSI climbed 12.4% to $85.27.
Moog Inc (NYSE:MOG.A) is also pushing higher after reporting fiscal first-quarter results that surpassed expectations. For the three months ended December 29, the aerospace contractor posted net income of $44.1 million, or $1.25 per share, while its revenue came in at $679.68 million. Analysts on the Street had called for the East Aurora, New York, company to report earnings of $1.13 per share on sales of $676.3 million.
Moog added 4.9% to $83.50.
Contact Ellen Kelleher at ellen@proactiveinvestors.com