PG&E Drops, Chevron Jumps, and Apple Down as Ternus Takes the CEO Reins

On this episode of Stock Movers:

- PG&E (PCG) shares drop. Edison International and Sempra also plunged after unfavorable California wildfire legislation prompted analyst downgrades. California lawmakers introduced a bill that would update the state’s wildfire response, but would not shift liability away from publicly traded utilities. At least three analysts cut their recommendations on utilities stocks, citing the lack of liability protection and the risk of wildfire-related lawsuits.

- Chevron (CVX) shares rise. The stock along with oil prices jumped after Tehran claimed a supertanker in the Strait of Hormuz caught fire and the U.S. and Iran traded attacks. The U.S. and Iran traded attacks for the first time in weeks, with the U.S. targeting mine launchers and Iran firing on a U.S. base in Jordan and military targets in the United Arab Emirates. The U.S. will control a 55% stake of a new company to which Venezuela has given the rights to tap new oil fields for 100 years, according to a deal announced by President Donald Trump.

- Apple (APPL) shares are down. Apple’s changing of the guard will be gradual, with outgoing CEO Tim Cook. On Sept. 1, John Ternus will take the reins.

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