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Pacific Gas and Electric will be able to avoid two legal obstacles that could have tripped up its efforts to bounce back from bankruptcy if California Gov. Gavin Newsom and a federal judge approve a $13.5 billion settlement with victims of catastrophic fires blamed on the utility's equipment. The company provided a clearer picture of its remaining bankruptcy path in a Monday regulatory filing that provided more details about the deal. The settlement will allow Pacific Gas and Electric to skip a January civil trial to determine whether the company was liable for a 2017 Northern California wine country fire that killed 22.
PG&E's stock surged Monday after the utility reached a tentative $13.5 billion settlement resolving all major claims related to the Northern California wildfires of 2017 and 2018. The fires were blamed on Pacific Gas and Electric's outdated equipment and negligence. The utility said Friday that the deal is a key step toward its exit from Chapter 11 bankruptcy.
KB Home (KBH) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
California's Pacific Gas and Electric will pay $13.5 billion to settle lawsuits over its role in a series of wildfires that killed scores of people and destroyed thousands of homes, the utility giant said Friday. Faulty PG&E powerlines were blamed for sparking last year's so-called Camp Fire in northern California -- the deadliest in the state's history -- that left 86 people dead. The settlement would allow PG&E to come out of bankruptcy protection before a government deadline set for next June, the company said in a statement.
Pacific Gas and Electric announced Friday it has reached a tentative $13.5 billion settlement resolving all major claims related to the deadly, devastating Northern California wildfires of 2017-2018 that were blamed on its outdated equipment and negligence. The utility says the deal, which still requires court approval, represents a key step in leading it out of Chapter 11 bankruptcy. The deal is expected to resolve all claims arising from a series of deadly 2017 Northern California wildfires and the 2018 Camp Fire, which killed 85 people and all but incinerated the town of Paradise.
It filed for Chapter 11 protection in January, citing potential liabilities in excess of $30 billion from wildfires in 2017 and 2018 linked to its equipment. "With this important milestone now accomplished, we are focused on emerging from Chapter 11 as the utility of the future that our customers and communities expect and deserve," Chief Executive Officer Bill Johnson said in a statement. State fire investigators in May determined that PG&E transmission lines caused the deadliest and most destructive wildfire on record in California, the wind-driven Camp Fire that killed 85 people in and around the town of Paradise last year.
Solus Alternative Asset Management, one of the best known hedge funds specialising in distressed investments, has suffered heavy redemptions and poor performance after making a raft of ill-fated bets on companies including satellite operator Intelsat and power utility Pacific Gas & Electric. Solus is a casualty of the string of corporate collapses that have tripped up US distressed investment funds, which look to profit from buying the stocks and bonds of struggling companies. The hedge fund was a shareholder in both PG&E and Intelsat, both popular hedge fund trades.