NAV - Why PG&E Southwestern Energy and Navistar International Jumped Today
Wall Street was mixed on Monday, with major benchmark indexes moving in different directions as market participants tried to balance all the factors affecting investor sentiment. It's unclear whether attempts to negotiate a settlement to the trade war between the U.S. and China will result in tariffs getting lifted, and economic slowdowns globally haven't yet succeeded in eliminating domestic growth. Some companies reported encouraging news that sent their share prices higher. PG&E (NYSE: PCG), Southwestern Energy (NYSE: SWN), and Navistar International (NYSE: NAV) were among the day's top performers. Here's why their stocks did so well.
Shares of PG&E rose by 10% after the bankrupt utility received an offer to purchase some of its assets. The city of San Francisco has offered to pay $2.5 billion to acquire the company's power lines and electrical infrastructure serving the Bay Area metropolis, including some assets outside the city limits. PG&E said that it would continue to work to ensure that citizens of San Francisco and the surrounding areas get the power they need, but it's unclear whether the utility will work the city's offer into its proposed bankruptcy reorganization plan. Shareholders are getting impatient, but there's still hope that the company will emerge from bankruptcy without its investors losing everything.
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