MIDDAY MOVES | PG&E, Edison International Slump on California Wildfire Liability Vote; Howmet Falls on Musk Turbine Plan

According to CNBC, shares of Pacific Gas & Electric (PG&E) and Edison International slumped 19% and 24%, respectively, after California lawmakers blocked a proposal that would have limited the amount individuals could seek from utilities whose equipment ignited wildfires; several Wall Street analysts subsequently downgraded the stocks, with Mizuho noting investors are better-positioned in utilities with fewer wildfire liability issues. Apple slid nearly 2% after Bloomberg reported, citing people familiar, that App Store and product events leader Phil Schiller would step down while remaining at the company on unnamed initiatives, a day before John Ternus takes the helm succeeding Tim Cook. Science Applications International (SAIC) rose 4% after raising its full-year forecast to adjusted earnings of $10.65 to $10.75 per share, up from $9.90 to $10.10, and revenue of $7.2 billion to $7.3 billion. Howmet Aerospace tumbled more than 8% after SpaceX CEO Elon Musk said the company would cast turbine blades and vanes in-house. Herbalife dropped 13% after saying CEO Stephan Gratziani will leave effective Oct. 31, with finance chief John DeSimone as interim CEO, while reaffirming full-year revenue growth guidance of 2.5% to 5.5%. Aon fell more than 7% after agreeing to buy USI Insurance Services from KKR for $17 billion. Energy stocks including Halliburton, Chevron, Exxon Mobil, Valero Energy and Occidental Petroleum rose roughly 1% as U.S. oil prices gained more than 2% after the U.S. and Iran exchanged strikes. Eli Lilly fell more than 1% after agreeing to buy Merida Biosciences for $2.9 billion in cash. Pinterest was off 6% after CFO Julia Brau Donnelly said she will leave at the end of October, with Vikram Naidu named interim financial officer. GameStop jumped 3% after reporting preliminary second-quarter results. Deere and AGCO rose more than 3% after a Baird upgrade to outperform.