Stocks Making Significant Moves Midday: PG&E, Edison International, AGCO, Howmet Aerospace, Eli Lilly & More
Several stocks experienced notable price movements midday due to a mix of regulatory developments and corporate updates. Pacific Gas & Electric (PG&E) fell nearly 19%, while Edison International dropped over 24% after California lawmakers rejected a proposal that would have capped liability for wildfire-related damages from utility equipment, prompting downgrades by analysts. Meanwhile, Science Applications International Corporation (SAIC) rose 4% following an upward revision of its earnings forecast due to strong quarterly sales. Howmet Aerospace declined more than 8% as SpaceX CEO Elon Musk announced plans to manufacture turbine components in-house, potentially disrupting the market for suppliers like Howmet. Herbalife dropped 13% after announcing a leadership change with outgoing CEO Stephan Gratziani and interim finance chief John DeSimone stepping into his role. Aon fell over 7% following its $17 billion acquisition of USI Insurance Services from KKR, aiming to strengthen its position in the U.S. insurance market. Energy stocks generally rose as oil prices climbed more than 2%, driven by renewed tensions between the U.S. and Iran. Eli Lilly shares dipped slightly after announcing a $2.9 billion biotech acquisition, while Pinterest fell nearly 6% due to an executive departure.
Tickers: $AGCO $AON $DE $EIX $GME $HLF $HWM $LLY $PCG $PINS $SAIC
Topics: ceo_change earnings_forecast geopolitical_event merger_announcement wildfire_liability