Check out some of the companies making the biggest moves this midday: PG&E, Edison International — Shares of Pacific Gas & Electric and Edison fell 19% and 24%, respectively, after California lawmakers blocked a proposal to limit the amount individuals could seek from utility companies whose equipment caused wildfires. After the vote, several Wall Street analysts downgraded the stock, with Mizuho analysts writing that investors are in a good position in utilities with few wildfire liability issues. Apple — The consumer technology giant’s stock fell nearly 2% after Bloomberg reported, citing people familiar with the matter, that the leader of Apple’s App Store and product events is stepping down. Executive Phil Schiller will remain with the company and work on an unnamed initiative, according to Bloomberg. The role change comes a day before John Tarnas takes over the helm of Apple Inc. from Tim Cook. Science Applications International — Shares rose 4% after the defense contractor revised its full-year forecast upwards on the back of strong sales in its latest quarter. SAIC expects adjusted earnings per share to be between $10.65 and $10.75 this year. The company had previously expected adjusted earnings per share to be between $9.90 and $10.10. Revenue is expected to be in the range of $7.2 billion to $7.3 billion, higher than the prior estimate of $7.0 billion to $7.2 billion. Howmet Aerospace — Shares of the gas turbine engine maker fell more than 8%. SpaceX CEO Elon Musk said in a social media post that the company will cast the blades and vanes for its turbines in-house, “accelerating the operation of natural gas turbines by up to 18 months. This is a game-changer.” Herbalife — The nutritional supplement retailer’s stock fell 13%. Herbalife announced that Chief Executive Officer Stefan Graziani will retire effective October 31, and that Finance Director John DeSimone will become interim CEO. Herbalife reaffirmed its full-year financial outlook, calling for sales growth in the range of 2.5% to 5.5%, compared to the FactSet consensus of 4.4% growth. Aon — Shares fell more than 7% after the insurance broker agreed to buy rival USI Insurance Services from KKR for $17 billion. Aon said the merger would create “America’s premier mid-market platform.” ENERGY STOCK — U.S. oil prices rose more than 2% after the U.S. and Iran traded strikes in the Middle East for the first time since July. Energy companies rose, with Halliburton, Chevron, Exxon Mobil, Valero Energy and Occidental Petroleum all up about 1%. Eli Lilly — Shares fell more than 1% as the Zepbound maker continued its acquisition spree. Lilly plans to buy privately held biotechnology company Merida Biosciences for $2.9 billion in cash. Merida’s experimental biologics target autoimmune diseases such as Graves’ disease and thyroid eye disease, and should strengthen Lilly’s efforts in immunology. Pinterest — Shares fell 6% on Friday after the company announced that Chief Financial Officer Julia Brough-Donnelly would step down at the end of October. Vikram Naidu, the company’s vice president of finance and operations, has been appointed interim financial director. GameStop — Shares rose 3% after the video game retailer reported preliminary second-quarter results. Although net sales for the quarter are expected to decline on an annual basis, GameStop expects both operating income and net income to increase compared to the same period last year. GameStop’s net income for the quarter included approximately $238 million in gains related to eBay-related holdings, partially offset by approximately $75 million in losses on digital assets and related receivables. Deere, AGCO — The farm equipment maker’s stock rose more than 3% following the Baird Co. upgrade, moving from neutral to outperform. Analysts at the company see the stock as a way to gain exposure to potential growth in demand for farm equipment, as farmers look to expand their profit margins due to rising crop prices. — With additional reporting by Alex Harring, Christina Cheddar-Berk, Darla Mercado, Liz Napolitano, and Davis Giangiulio
