Check out some of the companies making the biggest moves midday: PG & E , Edison International — Shares of Pacific Gas & Electric and Edison slumped 19% and 24%, respectively, after California lawmakers blocked a proposal that would have limited the amount of money individuals could seek from utility companies whose equipment ignited wildfires. After the vote, several Wall Street analysts downgraded the stocks, with Mizuho analysts writing that investors are better-positioned in utilities that have few wildfire liability issues. Apple — The consumer tech giant’s stock slid nearly 2% after Bloomberg reported, citing people familiar, that the leader of Apple’s App Store and product events would be stepping down. The executive, Phil Schiller, will remain at the company and work on unnamed initiatives, Bloomberg reported. The change in roles comes a day before John Ternus takes the helm at Apple, succeeding Tim Cook. Science Applications International — Shares rose 4% after the defense contractor increased its forecast for the year on the back of strong sales in the latest quarter. SAIC expects to earn between $10.65 and $10.75 per share after adjustments this year. Previously, it anticipated adjusted earnings of $9.90 to $10.10 per share. Revenue is expected to range from $7.2 billion to $7.3 billion, above a prior forecast of $7.0 billion to $7.2 billion. Howmet Aerospace — Shares of the manufacturer of engines for gas turbines tumbled more than 8%. SpaceX CEO Elon Musk said in a social media post that the space company would cast blades and vanes for turbines in-house to „accelerate nat gas turbines coming online by up to 18 months, which is a profound game-changer.“ Herbalife — The retailer of nutritional supplements saw its stock drop 13%. Herbalife said CEO Stephan Gratziani will leave effective Oct. 31, with finance chief John DeSimone serving as interim CEO. Herbalife reaffirmed full-year financial guidance, calling for revenue growth in a range of 2.5% to 5.5%, versus the FactSet consensus of a 4.4% increase. Aon — Shares dropped more than 7% after the insurance broker agreed to buy rival USI Insurance Services from KKR for $17 billion. Aon said the merger will create „the premier U.S. middle-market platform.“ Energy stocks — U.S. oil prices rose more than 2% after the U.S. and Iran exchanged strikes in the Middle East for the first time since July. Energy companies gained, with shares of Halliburton , Chevron , Exxon Mobil , Valero Energy and Occidental Petroleum all rising roughly 1%. Eli Lilly — Shares fell more than 1% after the Zepbound-maker continued an acquisition spree. Lilly plans to buy privately-held biotech company Merida Biosciences for $2.9 billion in cash. Merida’s experimental biologic drugs target autoimmune diseases such as Graves‘ disease and thyroid eye disease and should bolster Lilly’s efforts in immunology. Pinterest — Shares were off 6% after the company on Friday said Chief Financial Officer Julia Brau Donnelly will leave at the end of October. Vikram Naidu, the company’s vice president for finance and business operations, was named interim financial officer. GameStop — Shares jumped 3% after the video game retailer reported preliminary second-quarter financial results. Net sales are expected to fall on an annual basis in the quarter, but GameStop estimates that both operating and net income will jump compared to the same period a year ago. GameStop’s net income for the quarter will include about $238 million of gains related to holdings tied to eBay , partially offset by a loss of roughly $75 million on digital assets and related receivables. Deere , AGCO — Shares of the farm equipment makers rose more than 3% after a Baird upgrade to outperform from neutral . Analysts at the firm see the stocks as a means of gaining exposure to potential increased demand for agricultural equipment as farmers see wider profit margins thanks to higher crop prices. — With additional reporting by Alex Harring, Christina Cheddar-Berk, Darla Mercado and Liz Napolitano and Davis Giangiulio
PCG, EIX, AAPL, HWM & more
