Author: therawinformant

  • PG&E Power Lines Caused Biggest California Fire of 2019

    PG&E Power Lines Caused Biggest California Fire of 2019(Bloomberg) — Less than a month after emerging from bankruptcy triggered by a string of devastating wildfires in 2017 and 2018, PG&E Corp. has now been found responsible for California’s biggest blaze of 2019.The California energy giant’s power lines sparked the Kincade fire which burned 77,758 acres and destroyed 374 structures in Sonoma County wine country, the California Department of Forestry and Fire Protection, said Thursday.Investigators have sent a report on the incident to the Sonoma County District Attorney’s Office, only a month after PG&E pleaded guilty to 84 counts of involuntary manslaughter for a 2018 conflagration that was the most deadly in state history.Brandon Gilbert, an assistant to Sonoma County District Attorney Jill Ravitch, said his office recently received the reports and will start reviewing them. PG&E said it doesn’t have access to Cal Fire’s report or the evidence it collected.“We look forward to reviewing both at the appropriate time,” PG&E said in a statement.Long SuspectedPG&E’s equipment was long suspected of causing the Kincade fire that started on Oct. 23, as the utility had reported that one of its transmission lines malfunctioned near the location and time of the start of the blaze. The company said in May that it could book a loss of at least $600 million stemming from damages tied to the wildfire.“The report wasn’t a surprise to anybody,” said Kit Konolige, an analyst for Bloomberg Intelligence. “I don’t think a whole lot of people thought it would exonerate the company.”The Kincade fire likely won’t cause the same kind of financial trouble for PG&E as the string of catastrophic blazes in 2017 and 2018 that were blamed on its equipment and pushed it into bankruptcy more than a year ago. PG&E estimated liabilities from those fires at $30 billion. The company emerged from Chapter 11 at the start of this month after having settled claims from the earlier fires for $25.5 billion. The Kincade blaze wasn’t included in the bankruptcy settlement with victims.The shares gained 1.1% to $9.12 at 11:51 a.m. in New York.Cal Fire’s finding is certain to be of interest to the federal judge overseeing PG&E’s criminal probation stemming from a 2010 gas line explosion in San Bruno.LawsuitsU.S. District Judge William Alsup has threatened to impose deep and expensive changes to PG&E’s operations based on its involuntary manslaughter plea following the investigation of the origin of the Camp fire, which destroyed the town of Paradise. The prosecution was led by Butte County District Attorney Mike Ramsey, who concluded that the blaze was due to PG&E’s negligence, which he also tied to the Kincade fire.Even before Cal Fire’s report, PG&E faced lawsuits over Kincade. One of the suits, filed July 8 in Sonoma County Superior Court, was filed on behalf of a golf course, vineyards and a hotel damaged in the fire. The suit blames PG&E’s culture as the cause, claiming it failed to maintain aging equipment despite knowing it was unsafe.The fire started after PG&E had shut down other power lines in the area during windy and dry conditions. The measure was part of a number of intentional blackouts carried out by PG&E in October designed to keep its equipment from sparking another calamitous blaze.Mike Danko, a lawyer representing victims of the Camp fire in Paradise, California, in which PG&E pleaded guilty to involuntary manslaughter, said Cal Fire’s report was unsurprising. Danko is representing a number of individuals and businesses who lost property from the Kincade fire.“We knew that, just like the Camp fire, PG&E should have turned the transmission lines off, but didn’t,” he said, referring to the Kincade blaze. “The only question is, given what happened in Paradise, why did PG&E leave the transmission lines energized? Did it learn nothing at all?”(Updates with analyst comment in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Word on the street: These two IPOs might be worth investing in 

    Word on the street: These two IPOs might be worth investing in Yahoo Finance’s On the Move panel discuss the latest headline making news stories.

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  • How Much Of Advanced Micro Devices, Inc. (NASDAQ:AMD) Do Institutions Own?

    How Much Of Advanced Micro Devices, Inc. (NASDAQ:AMD) Do Institutions Own?Every investor in Advanced Micro Devices, Inc. (NASDAQ:AMD) should be aware of the most powerful shareholder groups…

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  • Cisco Systems (CSCO) Looks Attractive on Every Dip

    Cisco Systems (CSCO) Looks Attractive on Every DipBrown Advisory recently released its Q2 2020 Investor Letter, a copy of which you can download here. The Equity Income Fund posted a return of 18.29% for the quarter, underperforming its benchmark, the S&P 500 Index which returned 20.55% in the same quarter. You should check out Brown Advisory’s top 5 stock picks for investors […]

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  • Occidental Petroleum’s (NYSE:OXY) Shareholders Are Down 75% On Their Shares

    Occidental Petroleum's (NYSE:OXY) Shareholders Are Down 75% On Their SharesOccidental Petroleum Corporation (NYSE:OXY) shareholders will doubtless be very grateful to see the share price up 41…

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  • If You Own Weyerhaeuser (WY) Stock, Should You Sell It Now?

    If You Own Weyerhaeuser (WY) Stock, Should You Sell It Now?Brown Advisory recently released its Q2 2020 Investor Letter, a copy of which you can download here. The Equity Income Fund posted a return of 18.29% for the quarter, underperforming its benchmark, the S&P 500 Index which returned 20.55% in the same quarter. You should check out Brown Advisory’s top 5 stock picks for investors […]

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  • Biden’s Climate Plan Puts Inequality and Jobs on Par With CO2

    Biden’s Climate Plan Puts Inequality and Jobs on Par With CO2(Bloomberg) — When Joe Biden released his  climate plan last week, the Democratic candidate for president emphasized one overarching goal—and it wasn’t the reduction of greenhouse gases. Instead, he unequivocally linked broad climate action to employment.“When Donald Trump thinks about climate change, the only word he can muster is ‘hoax,’” Biden said in a speech unveiling the plan. “When I think about climate change, the word I think of is ‘jobs.’” His proposal aims to create 1 million openings in the auto sector, in part by investing in electric vehicle charging, plus another 1 million positions retrofitting homes for energy efficiency and weather resilience. The word “union” appears 32 times in the plan’s 15-page outline. A campaign promise is not policy, but the rhetoric and substance of Biden’s proposal represented two noteworthy developments. As a candidate, he’s signaling a bigger commitment to addressing climate change through policies targeting racial and economic inequality. At the same time, Biden is moving away from the discussion of climate change as a purely scientific problem.The Sunrise Movement, a youth-led progressive climate group, took credit for the former part of the plan on Twitter. “Before the GreenNewDeal, @TheDemocrats  tip-toed around the climate crisis, buying into the GOP lie that we had to choose between good jobs & our environment,” the organization posted. “Now, everyone knows that acting on climate change is the biggest jobs & economic opportunity in history. We did that.”The plan’s headline goals include a 100% carbon-free electrical grid by 2035 brought about by $2 trillion in climate-related spending over the next four years. Communities disproportionately impacted by pollution and climate change would benefit from 40% of the spending. These include many largely non-White communities, which experience higher rates of pollution-linked health problems such as asthma and lead poisoning and also tend to be more vulnerable to climate phenomena such as rising sea levels.Biden isn’t the first American politician to link climate and jobs—in 2008, then-candidate Barack Obama pledged to create 5 million “green collar” jobs in the next decade—but the extent of the emphasis on employment is refreshing for many in the climate justice movement. “One of the critiques of the way many White organizations discuss climate change is that it is all technocratic, not something that the public can readily grasp or feel it’s relevant,” says Peggy Shepard, executive director of We Act, a Harlem-based non-profit environmental justice advocacy group, who said she was one of the many consulted by the Biden team. That approach to climate, as she sees it, can lead to narrow questions: “What can the average person do about reducing carbon by a certain percentage by a certain year?”By emphasizing policies that address racial and economic equity, Biden’s plan takes an approach to climate that goes beyond market-driven solutions. There’s no mention of a carbon tax, for instance. And while the proposal does emphasize business-oriented priorities such as putting the country in a position to manufacture nascent technologies such as carbon capture and green hydrogen, a related social justice-centric plan also outlines the creation of a White House Environmental Justice Advisory Council and aims to “target resources in a way that is consistent with prioritization of environmental and climate justice.” (Michael R. Bloomberg, founder and majority shareholder of Bloomberg News parent company Bloomberg LP, wrote an editorial in support of the plan.)Biden has long been popular among Black voters, in no small part because he served as vice president under the first African-American president. His long legislative record came under fire in primaries, however, particularly his one-time collaboration with segregationist lawmakers in the Senate and support of the 1994 crime bill that led to mass incarceration. Some civil-rights activists continue to criticize his rejection of efforts to defund the police.There’s a clear gap in Biden’s support between older and younger Black voters. An analysis by the non-partisan Democracy Fund and UCLA’s Nationscape project published in the Washington Post in May found that while 91% of Black voters aged 65 and up said they planned to vote for Biden, only 68% of Black voters aged 18 to 29 said the same. That’s less than the 85% of young Black voter support Hillary Clinton drew in 2016. Maria Langholtz, a spokesperson for the Progressive Change Campaign Committee, said in a statement that the Biden climate plan had to speak to these voters. “Younger generations need to know the next president will treat the climate crisis with the urgency it requires—and that a clean energy future will include good-paying union jobs and a real commitment to racial justice.”Climate is an area where Black voters register consistently more concern than White voters. The Yale Program on Climate Change Communication has found that 69% Latino voters and 57% of Black voters describe themselves as “alarmed” or “concerned” about global warming, while only 49% of white voters do. Whites are also more likely to be dismissive of climate change than Blacks or Latinos.Data for Progress, a progressive think tank whose 2018 climate plan maps closely to the blueprint released by the Biden campaign, released polling data last week on voters under 45 who identify as Black or African-American. The numbers show that the majority had heard at least something about Biden’s climate plans, and that most said provisions supporting social-justice initiatives as well as public investments in infrastructure projects to create union jobs made them at least somewhat more likely to vote for him.The plan takes pains to convince those who worry phasing out fossil fuels from the U.S. power grid will create economic devastation, says Sean McElwee, co-founder of Data for Progress. “That is a pretty dramatic shift,” he says. “This is a way to talk about climate change to blue collar voters so that it doesn’t seem like a liberal academic exercise to take away their jobs.”Jake Sullivan, a senior policy advisor to Biden, said the plan succeeded in something that is very tough: uniting many very diverse constituencies that don’t always agree. Its pretty good to get “the AFL-CIO and the United Auto Workers and the International Brotherhood of Electrical Workers, as well as the League of Conservation Voters and Sierra Club and other environmental groups to come out and say it is great,” he said.An emphasis on jobs in some cases may have overshadowed policies favored by climate activists. Joseph Majkut, who directs climate policy at the non-partisan Niskanen Center think tank, notes Biden’s support for continued exports of natural gas. Biden has also declined to support a total ban on fracking, a wedge issue for many voters in swing states such as Ohio and Pennsylvania, and indicated that he sees a role for coal in the energy economy of the future. (Biden has said he opposes new fracking leases on public lands.)Still, environmental groups such as the the Natural Resources Defense Council Action Fund greeted the plan favorably. Bill McKibben, founder of the grassroots advocacy organization to limit greenhouses gases in the atmosphere 350.org, acknowledges the plan is doesn’t explicitly condemn fossil fuels but says there’s no need for climate-concerned voters to worry. “The fossil fuel industry has been weakened enough by activism and by the competition from renewables that by the time Biden takes office it will be a much smaller political force than it's been in the past,” he says. “Hence he'll have a much freer hand to be bold.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Abbott Laboratories Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

    Abbott Laboratories Just Beat Analyst Forecasts, And Analysts Have Been Updating Their PredictionsA week ago, Abbott Laboratories (NYSE:ABT) came out with a strong set of second-quarter numbers that could potentially…

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  • Did Hedge Funds Make The Right Call On New Residential Investment Corp (NRZ) ?

    Did Hedge Funds Make The Right Call On New Residential Investment Corp (NRZ) ?Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]

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  • Did Hedge Funds Make The Right Call On Cleveland-Cliffs Inc (CLF) ?

    Did Hedge Funds Make The Right Call On Cleveland-Cliffs Inc (CLF) ?The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st, a week after the market trough. Now, we are […]

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