PG&E's stock dives in active trading after bankruptcy ruling

Shares of PG&E Corp. PCG, -29.83% took a 31% dive in very active trading Thursday, enough to pace all premarket decliners, after the judge presiding over the California-based utility’s bankruptcy allowed a rival plan that would cost equity holders in favor of bond holders. Trading volume swelled to 3.1 million shares, enough to make the stock the most actively traded before the open. The stock was on track to open at the lowest level seen during regular-session hours since Jan. 24. Separately, PG&E cut power to more than a million people in California in a move to prevent windblown wildfires that that led to the utility’s bankruptcy. The stock has plunged over the past year, while Dow Jones Utility Average DJU, -0.45% has climbed 18% and the Dow Jones Industrial Average DJIA, +0.67% has gained 2.9%.

Read More Here...

Bookmark the permalink.