PG&E misses profit estimates hit by higher operating and maintenance costs
The company said its total operating and maintenance costs rose 3.7% to $2.86 billion, adding that wildfire-related claims, net of recoveries and the utility's wildfire fund expense increased from a year earlier.
PG&E has been blamed for sparking numerous wildfires, including some of California's most deadly, and has been making investments to improve the reliability of its power grid.
In a wildfire mitigation plan filed in March for the 2026-2028 period, the utility said it aims to build nearly 700 miles of underground power lines and complete 500 miles of additional wildfire safety system upgrades between 2025 and 2026.
PG&E's total quarterly operating revenue fell to $5.90 billion, from $5.99 billion a year earlier.
PG&E is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.
The company said it added nearly 3,300 new customers in the second quarter to its electric grid system.
On an adjusted basis, PG&E reported a quarterly profit of 31 cents per share for the three-month period ended June 30, missing Wall Street expectations by 1 cent per share, according to LSEG.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
30 minutes ago
- Yahoo
How the crypto treasury craze is creating ‘true scarcity,' says BitMine chairman Tom Lee
Tom Lee reckons investors are overlooking one of the most important trends inside the crypto treasury craze: the aggressiveness with which a handful of companies are buying up Ethereum. 'There's true scarcity in Ethereum right now,' the Wall Street strategist and chairman of BitMine Immersion Technologies said in an interview with DL News. But it's not just the asset — 'it's the velocity at which we're accumulating it,' he said. Michael Saylor kicked off a trend that is only getting bigger — buying cryptocurrencies and holding them on a company's balance sheet. Strategy, the firm he leads, now holds more than 3% of Bitcoin's total supply, and shareholders have enjoyed a tenfold price appreciation in the company's stock price since it started buying the cryptocurrency in August 2020. Now, companies are looking down the risk curve into other cryptocurrencies, like Ethereum. Lee recently became chairman of BitMine, a little-known Bitcoin miner that has quickly become the largest public holder of Ethereum. In just two weeks, the firm has accumulated over $2 billion of Ether. But the firm is just getting started. According to a July investor deck titled The Alchemy of 5%, BitMine plans on acquiring up to 5% of the entire supply of Ether. But Lee did not reply to questions about supposed risk presented by Ethereum treasury companies, instead cutting the interview short. Concerns abound. Famed short seller Jim Chanos has called one of Strategy's financial maneuvers 'complete financial gibberish' and shorted the company's stock. Coinbase analysts warned treasury companies pose 'systemic risk' to the crypto market. Macro analyst Noelle Acheson has called the trend 'alarming.' For Lee, Ethereum presents a bigger opportunity than Bitcoin. 'Ethereum is the biggest macro trade of the decade,' he told DL News. Why? Stablecoins. Indeed, stablecoins have become a killer use-case for crypto, amassing a staggering market valuation of $272 billion. And now that US President Donald Trump signed into law the Genius Act, which opens the floodgates for banks to issue their own stablecoins, the pie could get even bigger. 'Stablecoins are the 'ChatGPT' of crypto,' Lee said. 'And Ethereum is the backbone. It's legally recognised, and has zero downtime.' Mimicking Strategy Popularised by Strategy's Bitcoin-per-share model, BitMine is rolling out its own 'ETH per share.' Investors can now track how much Ethereum the company holds for each share of stock. It's a way to measure value — not by earnings, but by onchain assets. As of July 27, BitMine reported about 600,000 Ether worth around $2.2 billion, along with 192 Bitcoin and over $400 million in cash. With 118 million fully diluted shares, their net asset value per share comes in around $23—up from $4 less than a month earlier. The company plans to grow that figure through market activity, reinvested cash flow, and — ideally — a rising price of Ether. Unlike Bitcoin treasury plays, however, BitMine's thesis doesn't rely on price alone. By staking its Ether, BitMine expects to generate $100 million in net income annually, making it part treasury play, part infrastructure business. The company hasn't disclosed when it will start staking, nor how much it will allocate to staking. Transforming capital markets 'MicroStrategy transformed capital markets,' Lee said, using a former energy giant as an example. ExxonMobil had the largest market capitalisation for long stretches of time between the 1990s and 2010s, often trading places with Apple and other tech giants. Its valuation, however, wasn't just based on quarterly earnings — it was underpinned by its massive reserves of untapped oil and gas, which the market treated as future revenue. According to Lee, Exxon was valued for the resources it controlled, a logic, he said, that now applies to crypto treasury companies. Strategy, for instance, posted a $10 billion profit in the second quarter, propped up mostly by its Bitcoin holdings. 'It's a new world: companies valued purely on their crypto holdings.' Pedro Solimano is DL News' Buenos Aires-based markets correspondent. Got at a tip? Email him at psolimano@ Sign in to access your portfolio
Yahoo
30 minutes ago
- Yahoo
The Stock Market Has Never Been Pricier, According to Warren Buffett's Favorite Valuation Tool -- and History Is Clear What Happens Next
Key Points The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average have endured a bumpy ride in 2025, filled with historic moves in both directions. The "Buffett Indicator" just reached its highest level in 55 years -- and historical precedent serves as a warning for Wall Street. Warren Buffett is a long-term investor for one key reason: He understands that economic and stock market cycles aren't linear. 10 stocks we like better than S&P 500 Index › Though the stock market has been a bona fide wealth creator for well over a century, this doesn't mean stocks rise in an orderly fashion. Through the first seven months of 2025, investors have been taken on quite the historic ride. In early April, the iconic S&P 500 (SNPINDEX: ^GSPC) shed 10.5% of its value in just two trading sessions, which marked its fifth-steepest two-day percentage decline dating back to 1950. The struggle was also felt by the growth-focused Nasdaq Composite (NASDAQINDEX: ^IXIC) and ageless Dow Jones Industrial Average (DJINDICES: ^DJI), which respectively fell into a bear market (Nasdaq) and correction territory (Dow). However, Wall Street's relatively short-lived swoon sparked by President Donald Trump's tariff and trade policy quickly gave way to a booming bull market. The S&P 500 has enjoyed one of its strongest three-month returns in 75 years, with it and the Nasdaq Composite blasting to numerous record-closing highs. But though optimism is high, so are stock valuations. Based on billionaire Warren Buffett's favorite valuation tool, the stock market has never been pricier -- and history is crystal clear what comes next for stocks. A grim reality: The stock market has never been more expensive To preface the following discussion, "value" is something of a subjective term. What you believe is a bargain might be viewed as pricey by another investor. This subjectivity toward stock valuations is what makes the stock market so dynamic and unpredictable. For most investors, the traditional price-to-earnings (P/E) ratio is the go-to when valuing stocks. The P/E ratio is arrived at by dividing a company's share price by its trailing-12-month earnings per share (EPS). Generally, a lower P/E ratio equates to a perceived-to-be cheaper stock -- but comparisons need to be made among a company's peers to confirm this. While the P/E ratio is a fantastic tool for quickly evaluating mature businesses, it loses its luster during recessions or when attempting to value growth stocks. For Berkshire Hathaway's (NYSE: BRK.A)(NYSE: BRK.B) billionaire CEO Warren Buffett, no valuation tool holds more historical importance than the market cap-to-GDP ratio. This measure adds up the total value of all publicly traded companies and divides it by U.S. gross domestic product (GDP). Ideally, a lower number is indicative of cheaper valuations for equities. In a rare interview with Fortune magazine nearly a quarter-century ago, Buffett referred to the market cap-to-GDP ratio as "probably the best single measure of where valuations stand at any given moment." Perhaps unsurprisingly, given the Oracle of Omaha's investment success at Berkshire Hathaway, this valuation measure became known as the "Buffett Indicator." Recently, the Buffett Indicator has pushed to never-before-seen levels. When back-tested to 1970, the Buffett Indicator has averaged a reading of 85%, which is to say that the aggregate value of all stocks has averaged about 85% of U.S. GDP spanning 55 years. In recent trading sessions, this ratio has pushed above 213%, equating to a roughly 151% premium to its mean since 1970. Previous instances where the Buffett Indicator decisively moved to new highs were eventually followed by significant pullbacks in the benchmark S&P 500, Nasdaq Composite, and Dow Jones Industrial Average. For example, the Buffett Indicator topped out at 195.62% on Nov. 7, 2021, just two months prior to the 2022 bear market taking shape. This bear market eventually lopped 25% off of the broad-based S&P 500, and even more from the growth-heavy Nasdaq. On March 23, 2000, immediately prior to the bursting of the dot-com bubble, the Buffett Indicator rocketed to 144.25%, representing a mammoth increase from the sub-60% range it had settled into in December 1994. The S&P 500 and Nasdaq respectively lost 49% and 78% when the dot-com bubble burst. The point being that premium valuations have historically been a warning to Wall Street that it's not a matter of "if" but "when" significant downside pressure on equities returns. Even though it's been a very long time since Buffett has referenced the market-cap-to-GDP ratio, his actions speak loudly. Through the end of March 2025, he's been a net seller of stocks for 10 consecutive quarters, to the cumulative tune of $174.4 billion. Berkshire's billionaire chief is a stickler for value, and he's struggling to find a good deal on Wall Street. The historical warning signs couldn't be more evident for investors. Warren Buffett is a long-term investor for a reason! Although historical precedent couldn't be clearer, it's important for investors not to be too focused on short-term directional movements. While Buffett has been a very selective buyer for nearly three years, he and his trusted top advisors continue to hold dozens of stocks for the long term. For decades, Berkshire Hathaway's billionaire chief has approached nearly all of his investments with the idea that he'll be holding for years, if not considerably longer. The reason for approaching investments this way is simple: Economic and stock market cycles aren't linear. The Oracle of Omaha isn't oblivious to the fact that economic downturns and stock market corrections are going to occur. He just understands that time is working in his favor. Since the end of World War II nearly 80 years ago, the average U.S. recession has lasted only 10 months, and the longest downturn on record endured for just 18 months. In comparison, the typical period of economic growth clocks in at approximately five years, with two growth spurts surpassing the decade mark. Buffett and his team have listened to what history has to say and angled Berkshire Hathaway's investment portfolio to take advantage of long-winded economic expansions. This disparity observed in economic cycles is readily visible in the stock market, as well. In June 2023, which is when the S&P 500 officially entered a new bull market following its 2022 bear market tumble, the analysts at Bespoke Investment Group published a data set on X (formerly Twitter) comparing the length of every S&P 500 bull and bear market dating back to the start of the Great Depression (September 1929). In total, there were 27 separate bull and bear market events covering this nearly 94-year period. Whereas the average S&P 500 bear market resolved in just 286 calendar days, or less than 10 months, the typical bull market endured for 1,011 calendar days, or roughly two years and nine months. The reason Warren Buffett doesn't spend too much of his time worrying about inevitable stock market downturns is because they're short-lived. He relies on this numbers game to put the odds of making money on Wall Street decisively in his favor. Even if history repeats and the priciest stock market on record comes tumbling down at some point in the not-too-distant future, historical precedent also shows that, over multidecade timelines, the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average can be counted on to move progressively higher. Do the experts think S&P 500 Index is a buy right now? The Motley Fool's expert analyst team, drawing on years of investing experience and deep analysis of thousands of stocks, leverages our proprietary Moneyball AI investing database to uncover top opportunities. They've just revealed their to buy now — did S&P 500 Index make the list? When our Stock Advisor analyst team has a stock recommendation, it can pay to listen. After all, Stock Advisor's total average return is up 1,036% vs. just 181% for the S&P — that is beating the market by 855.09%!* Imagine if you were a Stock Advisor member when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $625,254!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,090,257!* The 10 stocks that made the cut could produce monster returns in the coming years. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 29, 2025 Sean Williams has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy. The Stock Market Has Never Been Pricier, According to Warren Buffett's Favorite Valuation Tool -- and History Is Clear What Happens Next was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
34 minutes ago
- Yahoo
Are you as financially literate as a high school student? Take our quiz.
You might think you know a lot about credit and banking, taxes and insurance. Four teenagers from Scripps Ranch High School probably know more. A four-student team from the San Diego school won the 2025 National Personal Finance Challenge, a financial literacy contest that ended in June in Atlanta. If you feel like testing your own financial literacy, take our 10-question quiz, below. It's an abbreviated version of the contest's final round. But first, take a minute to read about how the San Diego students won. The event, which started with nearly 18,000 students, is part of a national campaign to encourage personal finance study in school. It seems to be working: 38 states now require personal finance for graduation, up from 23 states in 2022. 'This is a real discipline with a real set of things you need to know,' said Christopher Caltabiano, chief program officer at the Council for Economic Education, which runs the contest. 'This is stuff you use every single day of your life.' What is 'negative equity'? These students knew. For the Scripps Ranch students, the trip to Atlanta ended in high drama. They won the contest by a single point, edging out a talented team from Mount Hebron High School in Ellicott City, Maryland. Scripps Ranch would have lost by a point. The team persuaded contest judges to change their minds on two quiz questions it had missed. One question asked for the term for a home or car loan whose balance exceeds what the asset is worth. The team's answer was 'negative equity,' which is correct. But the judges were looking for 'upside down,' which is a colloquial term for negative equity. 'So, initially, they didn't give it to us,' said Robert Schumann, 17, who is a rising Scripps Ranch senior this fall. 'From what we've seen, nobody has ever won a challenge, so we were stressing out a little bit that we got it incorrect.' The second challenge came on this question: What is the first thing you should do if you think you're the victim of a scam? Freeze your assets, the Scripps Ranch team replied. The correct answer: Call your bank. 'We said it's kind of inferred that you'd call your bank,' whose first move would be to freeze your assets, Schumann said. The judges ultimately agreed. They learned financial literacy from YouTube and AI Scripps Ranch High sits in California, one of the states that now require personal finance education. But the mandate doesn't take effect until 2027. 'These students really self-learned and self-taught themselves,' said Ian Rasmuson, a Scripps Ranch teacher who coached the winning team. Rasmuson himself teaches history. Students revived the school's idle entrepreneurship club last year, hoping to invite guest speakers to talk about business and finance. 'We kind of just wanted to teach people about these topics,' said Ryan Langsam Williams, 17, a rising senior who joined the team. 'What I had in mind was to do competitions like these, and to have everyone in the club involved.' He found the National Personal Finance Challenge online. To prepare, the team reviewed coursework on the Council for Economic Education website, studied past contests, watched YouTube videos and used AI to generate practice quizzes. 'We don't have a personal finance class at our school,' Schumann said. Take a 10-question quiz from the Personal Finance Challenge Here are 10 questions from the final round of the 2025 National Personal Finance Challenge. You'll find the answers below. 'I think you should feel pretty darn good about yourself if you get seven out of 10,' Caltabiano said. What is the term given to the amount in an account that is separate from any earnings or interest that has accrued? What is the name given to a digital credential that allows users to sign in to apps and websites without using a password? Insurance companies evaluate risk for the purpose of issuing insurance coverage. This process is called what? A system where people earn money by providing services or goods on demand, usually through digital platforms, is called what kind of economy? What credit card transaction requires you to pay interest every day, including the first day of the transaction, until it is repaid in full? On your way to work, you get caught in a hailstorm that damages your car. What type of car insurance covers the damage? Steven contributes pretax dollars to an account managed by his employer for his health care expenses. If he does not spend all of his money by the end of the year, he will forfeit it. What kind of plan does he have? Fred does not believe in banks and keeps his money in a sock buried in the backyard, under a new concrete patio. He faces little risk of having the money stolen, but his sock money is subject to what kind of risk? You buy bonds from a corporation and notice that the company can buy the outstanding bonds from you before the maturity date. What is this feature called? What is the name given to a stock that pays a higher-than-average dividend? The answers: 1) Principal. 2) Passkey. 3) Underwriting. 4) Gig. 5) A cash advance. 6) Comprehensive. 7) A Flexible Spending Account. 8) Inflation risk. 9) A call feature. 10) Income stock. This article originally appeared on USA TODAY: Are you as financially literate as a high school kid? Take our quiz. Sign in to access your portfolio
