Power company PG&E Corp on Thursday raised its 2019 costs estimates by more than 50% related to deadly wildfires in California and its bankruptcy, sending its shares down nearly 6%. The company raised its cost estimates to between $6.2 billion and $6.3 billion, from a prior range of $3.8 billion to $4.1 billion, saying its bankruptcy process could extend beyond the June 30, 2020 deadline and even take years to resolve. PG&E filed for Chapter 11 bankruptcy protection in January, citing potential liabilities in excess of $30 billion from 2017 Northern California wildfires and 2018 Camp fire linked to its equipment....
FreightWaves contributor Jim Blaze has already declared that we are in a recession for U.S. rail freight. Shareholders are still happy, with Union Pacific (NYSE: UNP) and Kansas City Southern (NYSE: KSU) beating the S&P Index over the past 12 months (see graph below), and beating it handily in the case of Kansas City Southern. As a result of the strong results, railroad shares are back to trading near all-time highs both in absolute terms and on forward price-earnings multiples....
