Diamonds and Dogs
Good news, PG&E (PCG) isn't going bankrupt, for now. California's largest utility is up 37% on news the head of California's Public Utilities Commission said he can't imagine allowing PG&E, the state's largest utility, to go into bankruptcy as it faces billions of dollars in potential liability from deadly wildfires. Speculation on the utility's future comes as state authorities are investigating PG&E equipment as a possible cause of the deadliest blaze in state history which has consumed over 140,000 acres, destroyed thousands of homes and killing at least 63, with hundreds still missing.
More bad news for the high flying chip and FANG stocks. Graphic chipmaker, Nvidia (NVDA) is down 16% not far from a 52 week low following earnings last night that missed earnings and sales estimates. Gaming revenue was short of expectations, and fourth quarter outlook is impacted by excess channel inventory which will take one to two quarters to fix, similar to most chip companies. Facebook (FB) is down 2% to a new 52 week low following a scathing New York Times report indicating Facebook did little to stop Russia from meddling in our Presidential election to ensure maximum profits.