Midday Market Shifts: PG&E, Edison International, Apple, Howmet Aerospace, Eli Lilly Among Top Movers

PG&E and Edison International fell 19% and 24% respectively after California lawmakers blocked a proposal limiting liability claims for utility companies whose equipment ignited wildfires. Wall Street analysts downgraded the stocks, noting that utilities with minimal wildfire liability present fewer risks. Apple slipped about 2% after Bloomberg reported that Phil Schiller, head of the App Store and product events, will step down from his role while remaining at the company to work on unspecified initiatives; the change precedes John Ternus taking over from Tim Cook. Science Applications International (SAIC) rose 4% after increasing its full‑year adjusted earnings forecast to $10.65‑$10.75 per share and projecting revenue of $7.2‑$7.3 billion, up from earlier expectations. Howmet Aerospace declined more than 8% following SpaceX CEO Elon Musk’s announcement that the company will produce turbine blades and vanes in‑house, potentially accelerating natural‑gas turbine deployment by up to 18 months. Herbalife fell 13% after CEO Stephan Gratziani will leave on Oct. 31, with finance chief John DeSimone appointed interim CEO; the firm reaffirmed its full‑year revenue guidance of 2.5%‑5.5% growth. Aon dropped over 7% after agreeing to acquire USI Insurance Services from KKR for $17 billion, a transaction that will create a premier U.S. middle‑market insurance platform. Energy stocks rallied, with oil prices rising more than 2% after the United States and Iran exchanged strikes in the Middle East for the first time since July; Halliburton, Chevron, Exxon Mobil, Valero Energy and Occidental Petroleum each rose roughly 1%. Eli Lilly fell more than 1% after announcing a $2.9 billion cash acquisition of privately held biotech firm Merida Biosciences, which develops experimental biologics targeting autoimmune diseases such as Graves’ disease and thyroid eye disease. Pinterest slipped 6% after CFO Julia Brau Donnelly will depart at the end of October, with Vikram Naidu named interim CFO. GameStop jumped 3% after reporting preliminary second‑quarter results, expecting higher operating and net income despite annual sales decline; the quarter includes about $238 million in gains from eBay holdings, partially offset by a $75 million loss on digital assets. Deere and AGCO each rose over 3% after Baird upgraded them to “outperform,” citing potential demand for agricultural equipment as farmers benefit from higher crop margins. Reporting contributed by Alex Harring, Christina Cheddar‑Berk, Darla Mercado, Liz Napolitano and Davis Giangiulio.

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