10 Companies Mirror Wall Street Downturn

4. PG&E Corp. (NYSE:PCG)

PG&E (PCG) shares dived by 10.81 percent on Friday to finish the week at $17.17 each as investor sentiment was dampened by the ongoing wildfire in Los Angeles that has already destroyed thousands of structures and claimed the lives of 10 people.

While the wildfire was not located in PG&E’s service area, analysts said investors remained cautious especially since PG&E had a history of wildfire-related liabilities, with more than $30 billion in legal claims tied to previous fires that led to its 2019 Chapter 11 bankruptcy.

According to reports, the Los Angeles blaze which broke out on Tuesday already resulted in total damage and economic loss of up to $150 billion.

As the fires continue to spread, weather site AccuWeather said that the economic damages could still potentially increase.

PG&E (PCG) is an energy company with businesses in renewable energy, solar, electric vehicles, natural gas vehicles, and battery storage, among others. It has service areas in various portions of California.