PG&E stock drops due to LA wildfires being costly, facing over $30 billion in legal claims.

From Stocktwits: 2025-01-10 14:20:14

PG&E shares drop over 10% as Los Angeles wildfires spread, labeled among the most costly in California history by Moody’s analysts. PG&E faces over $30 billion in legal claims from previous fires. While the cause of the Eaton wildfire is unknown, reports suggest it is not in PG&E’s service territory. The company filed for Chapter 11 bankruptcy in 2019 due to wildfire-related liabilities. Retail sentiment on Stocktwits shifts from ‘extremely bullish’ to ‘bullish’ as users discuss buying stock at a discount. PG&E stock is down 4% in the past year and 13% since the wildfires began.



Read more at Stocktwits: PG&E Stock Sinks To 6-Month Low As LA Wildfires Likely Among California’s Costliest, But Retail Shows No Panic