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☆ Cramer's Lighting Round: Vertex Pharmaceuticals is 'terrific'
▼ + stars: | 2024-04-08 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Stock Chart Icon Stock chart icon Hawaiian Electric Industries' year-to-date stock performance. Stock Chart Icon Stock chart icon Excelerate Energy's year-to-date stock performance. Stock Chart Icon Stock chart icon Sibanye-Stillwater's year-to-date stock performance. Stock Chart Icon Stock chart icon Penumbra's year-to-date stock performance. Stock Chart Icon Stock chart icon Vertex Pharmaceuticals' year-to-date stock performance.

Persons: Excelerate, I'd, it's, I've, ABT, Emerson Electric's, Jim Cramer's Organizations: Hawaiian Electric Industries, Excelerate, Abbott Labs, PEN, Emerson Electric, GM, Pharmaceuticals, Vertex Pharmaceuticals, CF Locations: Stillwater

☆ These 4 stocks report quarterly results next week. Here's what we hope to see
▼ + stars: | 2023-11-04 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

The major averages rebounded strongly this week as quarterly earnings came in largely better than expected and interest rates fell on softer economic data. The Dow Jones Industrial Average rose more than 5% for its best week since October 2022. The big theme next week is earnings and the four portfolio companies delivering their quarterly results. Here's the full rundown of all the important domestic data in the week ahead as we consider a number areas of our portfolio for trades next week. ET: Treasury budget statement for October (See here for a full list of the stocks in Jim Cramer's Charitable Trust.)

Persons: FactSet, we'll, Hulu —, Krystal, Horton, Zimmer, LEV, Armour, Ralph Lauren Corporation, CRON, Patterson, Walt Disney, MARA, Ginkgo, FREYR Battery, FREY, Arcelor Mittal, Wynn, Jim Cramer's, Jim Cramer, Jim Organizations: Dow Jones, Nasdaq, ISM, Services, Coterra Energy, Emerson Electric, Wall, National Instruments, Disney, Hulu, CNBC, Comcast, ESPN —, Wynn Resorts, WYNN, Asia that's, Wynn, Wynn's, Wynn Interactive, United, Brookfield Asset Management, Axsome Therapeutics, Network Corporation, Krystal Biotech, Ceragon Networks, Kosmos Energy Ltd, TreeHouse Foods Inc, Air Lease Corporation, Inc, Eversource Energy, Fennec Pharmaceuticals Inc, Graham Corporation, Aereas Inteligentes, Hilton, Energy, Realty Income Corp, Semiconductors, Vertex Pharmaceuticals Inc, Clover Health, Contura Energy, Diamondback Energy, FS KKR Capital Corp, Celanese Corp, Eos Energy Enterprises, Goodyear Tire & Rubber Company, WEN, Pall Corp, TransMedics, Emerson, Uber Technologies, Holdings, Melco Resorts, Entertainment, Zimmer Biomet Holdings, ACM Research, Lion Electric Company, Emerson Electric Co, Vertex Energy, Waters Corp, Air Products & Chemicals, Esperion Therapeutics, Fidelity National Information Services Inc, Bowlero Corp, Hotels, KKR, Co, Devon Energy Corp, Occidental Petroleum Corp, Dutch Bros Inc, Gilead Sciences, ContextLogic Inc, Akamai Technologies, Viatris Inc, Technologies, Corsair, Enovix Corporation, eBay, EBAY, DaVita Inc, Pan American Silver Corp, Roblox Corporation, Fisker Inc, Warner Bros ., Nuvei Corporation, Farms, Akebia Therapeutics, Biogen Inc, 3D Systems Corporation, Gray Television Inc, BlackSky Technology Inc, Cronos, EVgo Inc, Lumentum Holdings Inc, Nexstar Media Group, UTI Energy, Starwood Property Trust, AMC Entertainment Holdings, Marathon Digital Holdings, IonQ Inc, Digital Turbine, Virgin Galactic Holdings , Inc, Arm Holdings plc, ARM, Ginkgo Bioworks Holdings, Suncor Energy, AppLovin Corporation, B2Gold Corp, Luminar Technologies, MGM Resorts International, MGM, Bloom Energy Corporation, Li Auto Inc, Oatly, Kopin Corp, Fiverr International, YETI Holdings, YPF S.A, Ship Lease, Himax Technologies Inc, Dickinson, CommScope Holding, RBC, Agile Therapeutics, Apyx Medical Corporation, Grab Holdings, Hawaiian Electric Industries, Profire Energy, Flags Inc, Stereotaxis Inc, TransDigm, US Foods Holding Corp, Utz Brands, Valvoline Inc, Weibo Corporation, Wix.com Ltd, Trade, Petroleo Brasileiro SA Petrobras, Growth, Aurora Cannabis Inc, Navitas Semiconductor Corp, Archer Aviation Inc, Semiconductor, Energy Fuels Corp, Illumina Inc, Spike Investment Corp, Algonquin Power & Utilities Corp, AngloGold, Central Puerto S.A, Hudson Global, AirSculpt Technologies, Partners, Soho House, Jim Cramer's Charitable, Handout, Getty Locations: U.S, Macao, Asia, China, Las, Singapore, Wynn's Vegas, Boston, United Arab Emirates, Gilead, VVV, Central, Soho

☆ Cramer's Lightning Round: Rivian is 'losing so much money'
▼ + stars: | 2023-10-25 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Rivian's year-to-date stock performance. Stock Chart Icon Stock chart icon Schlumberger's year-to-date stock performance. Stock Chart Icon Stock chart icon Public Storage's year-to-date stock performance. Stock Chart Icon Stock chart icon Hawaiian Electric Industries' year-to-date stock performance. Stock Chart Icon Stock chart icon Trade Desk's year-to-date stock performance.

Persons: Jeff Green Organizations: Schlumberger, Systems, Hawaiian Electric Industries

☆ US House panel asks Hawaiian Electric CEO to testify in wildfire probe
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

The shells of burned houses and buildings are left after wildfires driven by high winds burned across most of the town in Lahaina, Maui, Hawaii, U.S. August 11, 2023. Hawai'i Department of Land and Natural Resources/Handout via REUTERS/File Photo Acquire Licensing RightsCompanies Hawaiian Electric Industries Inc FollowSept 14 (Reuters) - The U.S. House Energy and Commerce Committee on Thursday asked utility company Hawaiian Electric (HE.N) CEO Shelee Kimura to testify at a hearing investigating the causes of the wildfire that killed at least 115 people and razed the historic town of Lahaina. Along with Kimura, the committee also summoned officials of the Hawaii Public Utilities Commission and the Hawai’i State Energy Office. Last month, the panel sent letters to Hawaiian Electric as well as state utility officials, seeking information about the wildfires. Reporting by Mrinalika Roy and Sourasis Bose in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Shelee Kimura, Kimura, Mrinalika Roy, Sourasis Bose, Pooja Desai Organizations: Hawai'i Department of Land, Natural Resources, REUTERS, Hawaiian Electric Industries, U.S . House Energy, Commerce, Electric, Hawaii Public Utilities Commission, Hawai’i, Energy Office, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Washington, United States, Bengaluru

Views from the air of the community of Lahaina after wildfires driven by high winds burned across most of the town several days ago, in Lahaina, Maui, Hawaii, U.S. August 10, 2023. REUTERS/Marco Garcia/File Photo Acquire Licensing RightsCompanies Hawaiian Electric Industries Inc FollowSept 5 (Reuters) - The father of a woman who died during last month's wildfires in Hawaii has sued the state and the county of Maui in a “first-of-its-kind” lawsuit accusing the governments of gross negligence leading to the blazes. Filed on Monday in Hawaii state court, the lawsuit is the first stemming from the wildfires to be lodged against the state. Hawaiian Electric, meanwhile, failed to deenergize its electrical equipment during high winds, sparking the fires, the lawsuit said. Reporting by Clark Mindock, Editing by Alexia Garamfalvi and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Marco Garcia, Harold Wells, Wells, Clark Mindock, Alexia Garamfalvi, Bill Berkrot Organizations: REUTERS, Hawaiian Electric Industries, Estate, Bishop Estate, Electric, Thomson Locations: Lahaina, Maui, Hawaii, U.S

☆ Climate change turns US utilities grimly exciting
▼ + stars: | 2023-08-31 | by ( Robert Cyran | ) www.reuters.com time to read: +6 min

A hotter and stormier world is making life unpleasantly exciting for shareholders, as Hawaiian Electric Industries (HE.N) shows. Yet while European firms have buried power lines underground to avoid damage from storm and fires, American utilities have generally balked. The firm said a second fire began in the same area several hours later, after the utility had turned off local power lines. Separately, Hawaiian Electric Industries, the parent company of Hawaiian Electric, said on Aug. 24 it had suspended its dividend. The company said HEI had withdrawn $170 million and Hawaiian Electric had withdrawn $200 million from their existing revolving unsecured credit facilities to strengthen their balance sheets.

Persons: Joe Biden, Jill Biden, Josh Green, Jaime Green ,, Lady of, Kevin Lamarque, HEI, Fitch, Lawrence, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: Hawaii, REUTERS, Reuters, Hawaiian Electric Industries, United, Utilities, Hurricanes, Lawrence Berkeley National, Edison International, Consolidated Edison, Dow, Maui, Hawaiian Electric, Electric, Thomson Locations: Lady of Hawaii, Lahaina, Maui, Hawaii, U.S, United States, Americas, Europe, Alaska, California, New York, Arkansas , Louisiana, Texas

[1/2] A view of burned debris after wildfires devastated the historic town of Lahaina, Maui, Hawaii, U.S., August 10, 2023. Maui County sued Hawaiian Electric last week, accusing the utility of negligently failing to shut off power and causing the devastating fires that destroyed the coastal town of Lahaina and killed more than 114 people. "We were surprised and disappointed that the County of Maui rushed to court even before completing its own investigation," CEO Shelee Kimura said in a statement. Even with Monday's rally, shares are still down more than 60% since the wildfires started on Aug. 8. "To the extent HECO (Hawaiian Electric Co) has information of a second ignition source, HECO should offer that evidence now.

Persons: Shelee Kimura, HECO, John Fiske, Raymond James, Pavel Molchanov, Arunima Kumar, Mrinalika Roy, Louise Heavens, Mark Potter, Maju Samuel, Shounak Organizations: Hawai'i Department of Land, Natural Resources, REUTERS, Hawaiian Electric Industries, Hawaiian Electric, Electric, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Maui County, West Maui, Bengaluru

☆ Indexes end higher in volatile trade as investors assess Powell speech
▼ + stars: | 2023-08-25 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Powell also acknowledged that price pressures have eased in his much-anticipated morning speech at the Economic Policy Symposium at Jackson Hole, Wyoming. Powell "is demonstrating that he is pleased with how far monetary policy has come and how inflation has been reduced. All of the major S&P 500 sectors rose, with consumer discretionary (.SPLRCD), technology (.SPLRCT) and energy (.SPNY) among the top gainers. Reuters GraphicsThe S&P 500 and Nasdaq also ended higher for the week, with the Nasdaq rising about 2.3% and ending a three-week streak of losses. The S&P 500 posted 6 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 23 new highs and 202 new lows.

Persons: Jerome Powell, Powell, Michael Arone, Brendan McDermid, Nordstrom, Caroline Valetkevitch, Amruta Khandekar, Lewis Krauskopf, Shinjini Ganguli, Deepa Babington Organizations: Marvell Technology, Nordstrom, Dow, Nasdaq, Federal, State Street Global Advisors, Dow Jones, Reuters, Traders, New York Stock Exchange, REUTERS, Hostess Brands, Hawaiian Electric Industries, NYSE, Thomson Locations: U.S, , Wyoming, Boston, New York City, Hawaii, Maui

☆ Hawaiian Electric shares sink on wildfire lawsuit, dividend pause, ratings cut
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Aug 25 (Reuters) - Hawaiian Electric shares (HE.N) on Friday plunged to their lowest level since 1984 as a lawsuit alleging negligence leading to Maui wildfires raised investor worries over the financial health of the utility that has paused dividend payout. "We are very disappointed that Maui County chose this litigious path while the investigation is still unfolding," the company told Reuters. S&P Global Ratings, meanwhile, initiated its second rating cut on the company and its units this month, to 'B-' from 'BB-'. Moody's and Fitch have also lowered Hawaiian Electric to junk status. Its shares have lost more than half of its market value since the Aug. 8 wildfire.

Persons: Wells, Jonathan Reeder, Moody's, Fitch, Reeder, Medha Singh, Arunima Kumar, Arun Koyyur Organizations: Electric, Maui, Reuters, Hawaiian Electric Industries, Thomson Locations: Maui, Honolulu, Lahaina, Bengaluru

☆ Stock Market Today: Dow Futures Edge Up Ahead of Powell's speech
▼ + stars: | 2023-08-25 | by ( ) www.wsj.com time to read: +1 min

All eyes turn to Jackson Hole—the mountain retreat that once a year becomes a big deal for central-bank watchers. Investors will parse his words for insight into whether the central bank may raise interest rates again this year. Investors now see a near-50% chance of another rate hike by year-end, a significant increase from last week, futures pricing shows. Ahead of Powell's speech, bond yields and stock futures edged higher. European stocks rose slightly, ahead of a speech at Jackson Hole by European Central Bank President Christine Lagarde.

Persons: Jackson, Jerome Powell, Christine Lagarde, Angus Berwick Organizations: Hawaiian Electric Industries, Maui County, European Central Bank, Beijing, Japan’s Nikkei Locations: Maui

☆ Hawaiian Electric engages with Guggenheim after Maui wildfire scrutiny
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

Aug 22 (Reuters) - Hawaiian Electric Industries (HE.N) said on Tuesday it was seeking advice from boutique advisory firm Guggenheim Securities, after questions were raised over the utility's role in the Maui wildfires. "We are seeking advice from various experts as we position HEI and Hawaiian Electric to be the strong, financially healthy local utility that the people of Maui and Hawai‘i need over the long term," the company said. Shares of Hawaiian Electric, which were down 2.4% at the open, reversed course, and were up 1.3% at $13.21 in afternoon trading. Fitch on Monday downgraded Hawaiian Electric's credit rating to junk status, becoming the third ratings agency to flag risks associated with the utility's potential exposure to liabilities related to the wildfire. Fitch said potential liabilities could be above $3.8 billion, which represents an "existential threat" to the company.

Persons: HEI, Fitch, Arunima Kumar, Arshreet Singh, Krishna Chandra Organizations: Hawaiian Electric Industries, Guggenheim Securities, Electric, Thomson Locations: Maui, Hawaii's, Honolulu, Lahaina . Fitch, Bengaluru

☆ Hawaiian Electric takes expert help but says goal not to restructure
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

Homes damaged by fire are seen in Lahaina on the island of Maui in Hawaii, U.S., August 14, 2023. REUTERS/Jorge Garcia Acquire Licensing RightsAug 18 (Reuters) - Hawaiian Electric Industries (HE.N) is seeking expert advice amid growing scrutiny over its role in the Maui wildfires, but the largest power supplier in the US island state said on Friday that the goal was not to restructure the company. The company did not clearly outline the purpose for which it was seeking expert advice. "Like any company in this situation would do, and as we do in the normal course of business, we are seeking advice from various experts," it said in a filing. It did not include around 2,600 homes and businesses that were destroyed, which represent less than 1% of its customers.

Persons: Jorge Garcia, Arshreet Singh, Arunima Kumar, Arun Koyyur Organizations: REUTERS, Hawaiian Electric Industries, Moody's Investors Service, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Honolulu, California, West Maui, Bengaluru

☆ Why are Treasury yields so high and what does it mean for you?
▼ + stars: | 2023-08-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

On Thursday, the yield on the US 30-year Treasury bond hit its highest since 2011 and the 10-year note notched its best return since October 2022. Bond yields go up as bond prices fall. What it means: Higher bond yields could mean bad news for stocks: Bonds compete with stocks for investors’ dollars, and when yields go up, equities often go down. If international bond yields rise, the demand for US bonds may decrease, meaning the US may have to offer even higher yields to attract investors. Still, whatever happens abroad, Turnquist said the key to bringing Treasury yields down will be a slower US economy.

Persons: Bond, Stocks, Adam Turnquist, Turnquist, ”, ” Taylor, Taylor Swift, QuestionPro, Swift, Krystal Hur, Bryan Mena, Elton John’s, Larry Miller, New York University Steinhardt Organizations: CNN Business, Bell, New York CNN, Federal, Federal Reserve, Atlanta Fed, LPL, Treasury, EU, Bank of, Electric, Hawaiian Electric Industries, Street Journal, P Global, CNN, North, New York University Locations: New York, Bank of Japan, Hawaii, Maui, Lahaina, Los Angeles, American, North America

Homes damaged by fire are seen in Lahaina on the island of Maui in Hawaii, U.S., August 14, 2023. The company said in its filing that shutting off power was not part of its high-wind management protocol. Analysts have said Hawaiian's situation is reminiscent of that of PG&E Corp (PCG.N) and wildfires in California. PG&E filed for bankruptcy protection in 2019, and subsequently restructured, citing potential liabilities exceeding $30 billion stemming from California wildfires that were blamed on its equipment. As of Thursday, about 1,900 customers in West Maui remained without electricity, Hawaiian said.

Persons: Jorge Garcia, Wells, Jonathan Reeder, Arshreet Singh, Arunima Kumar, Shreyashi Sanyal, Caroline Valetkevitch, Arun Koyyur, Josie Kao Organizations: REUTERS, Hawaiian Electric Industries, Electric, Moody's, E Corp, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Honolulu, American, California, West Maui, Bengaluru, New York

☆ Hawaiian Electric stock plummets as lawsuits mount and rumors of restructuring grow
▼ + stars: | 2023-08-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —Shares of Hawaiian Electric Industries tumbled more than 20% on Thursday following a report that the largest power provider in Hawaii could be considering restructuring as it faces an onslaught of costly lawsuits for the role it may have played in Maui’s devastating wildfires. The company’s stock is down more than 73% so far this year. Shares plummeted to 13-year lows on Monday after a class action suit was filed alleging that the wildfires ravaging Maui were caused by energized power lines that were knocked down by strong winds. The suit alleges that Hawaiian Electric Industries “chose not to deenergize their power lines during the High Wind Watch and Red Flag Warning conditions for Maui before the Lahaina Fire started,” despite knowing the risks of sparking a fire in those conditions. The report comes two days after S&P Global downgraded Hawaiian Electric and all of its subsidiaries to BB-.

Persons: ”, Jim Kelly, HEI Organizations: New, New York CNN, Hawaiian Electric Industries, Electric Industries “, Street Journal, P Global, Electric, CNN, Hawaiian Electric Locations: New York, Hawaii, Maui, Lahaina, Maui County

☆ Stocks making the biggest moves after hours: Cisco Systems, Synopsys, Wolfspeed and more
▼ + stars: | 2023-08-16 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Cisco Systems — Shares of the computer networking giant gained about 2.5% after posting fiscal fourth-quarter earnings that beat Wall Street's expectations. The company posted adjusted earnings of $1.14 per share, while analysts had forecast $1.06 per share, according to Refinitiv. Synopsys — The stock advanced 2.3% after the electronic design automation company beat fiscal third-quarter earnings expectations. Synopsys reported adjusted earnings of $2.88 per share, which was 14 cents per share higher than analysts' expectations, according to Refinitiv. Wolfspeed reported $236 million in revenue, however, surpassing analysts' expectations of $223 million, according to Refinitiv.

Persons: Synopsys, Sassine Ghazi, Amcor, VinFast Organizations: Cisco Systems —, Revenue, Wednesday, FactSet, Hawaiian Electric Industries, Electric, Street Locations: Refinitiv, California

☆ Hawaiian Electric shares plunge further as S&P downgrades utility to junk
▼ + stars: | 2023-08-15 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

REUTERS/Jorge Garcia/File Photo Acquire Licensing RightsNEW YORK, Aug 15 (Reuters) - Shares of Hawaiian Electric Industries (HE.N) were down 20.3% in afternoon trading Tuesday, extending this week's sharp losses, as S&P downgraded the credit rating on the electric utility to junk status in the wake of wildfires in Maui. Hawaiian Electric did not immediately respond to a request for comment on the downgrade. He added that Hawaiian Electric does not have a formal shut-off program and precautionary shut-offs have to be arranged with first responders, CNN reported. Also on Tuesday, brokerage Guggenheim cut its price target on the company's stock to $18 from $32. Wells Fargo and Morningstar cut their price targets for Hawaiian Electric on Monday.

Persons: Jorge Garcia, Jim Kelly, Guggenheim, Morningstar, Caroline Valetkevitch, Medha Singh, Michelle Price, Lisa Shumaker Organizations: REUTERS, Hawaiian Electric Industries, Hawaiian, Electric, National Weather Service, Hawaiian Electric, CNN, Reuters, Guggenheim, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Wells

It's our loved ones," Pelletier said, relating the instructions that a director of the Federal Emergency Management Agency gave rescue workers in a briefing. Reuters Graphics Reuters GraphicsEven as Hawaii officials promised more help for the displaced, some Lahaina residents were taking matters into their own hands. Officials declined to estimate how many remained unaccounted for but promised they were meticulously verifying the status of all. The database includes names collected from "missing persons" notices posted at shelters as well as information submitted by loved ones. Reuters GraphicsBar chart shows visitor spending share of GDP to Maui and Hawaii which are much higher than that for the entire U.S.

Persons: Jorge Garcia KAHULUI, John Pelletier, It's, " Pelletier, Patience, Kanamu, Balindin, Pelletier, Shelee Kimura, ”, Kimura, Josh Green, Jeremy Greenberg, Chris Young, Green, Jorge Garcia, Mike Blake, Brendan O'Brien, Rich McKay, Andrew Hay, Brad Brooks, Sharon Bernstein, Dan Whitcomb, Frank McGurty, Jonathan Oatis Organizations: REUTERS, Maui County Police, Federal Emergency Management Agency, Reuters Graphics Reuters, Hawaiian Electric Industries, Hawaiian Electric, Federal Emergency Management, Cross, Reuters, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Maui County, buffeted, “, California

☆ Hawaiian Electric’s stock plunges again after S&P downgrades its credit rating
▼ + stars: | 2023-08-15 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Hawaiian Electric Industries’ stock plummeted another 10% Tuesday after S&P Global downgraded the company’s credit rating to junk. In a statement, S&P Global said the wildfires have placed the company at a higher risk, and that it there is a potential for further credit downgrades. More lawsuits could arise, further jeopardizing the company’s credit rating depending on how successful the plaintiffs are. S&P said that the class action lawsuits could increase risk for the company and deteriorate its credit quality. S&P also placed HEI and its entities on CreditWatch with negative implications, which means the utility’s credit rating could be further downgraded in the near future.

Persons: ”, ” Moody’s, Moody’s, HEI “, Jim Kelly, ” Kelly, HEI, Josh Green Organizations: New, New York CNN, Hawaiian Electric Industries, P Global, Hawaiian Electric, Pacific Gas and, Electric, CNN, Hawaii Gov, HEI Locations: New York, California, Hawaii, Maui, Lahaina, Hawaii’s, HEI

The rally in the chipmaker's stock pushed the information technology index (.SPLRCT) 1.85% higher, making it the strongest of 11 S&P 500 sector indexes. The S&P 500 climbed 0.58% to end the session at 4,489.72 points. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.1-to-one ratio. The S&P 500 posted 8 new highs and 11 new lows; the Nasdaq recorded 50 new highs and 192 new lows.

Persons: Tesla, Morgan Stanley, Jay Hatfield, Brendan McDermid, Goldman Sachs, Alex Chriss, Amruta Khandekar, Saeed Azhar, Arun Koyyur, Maju Samuel, David Gregorio Our Organizations: Nvidia, China AMC, Nasdaq, Dow, Chipmaker Micron Technology, Dow Jones, Infrastructure Capital Advisors, NVIDIA, Walmart, New York Stock Exchange, REUTERS, Traders, Fed, PayPal Holdings, Intuit, AMC Entertainment, Hawaiian Electric Industries, Thomson Locations: China, New York, New York City, U.S, Delaware, Maui, Lahaina, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Nvidia's (NVDA.O) gain pushed the information technology index (.SPLRCT) higher, making it the strongest of 11 S&P 500 sector indexes. Other megacap growth stocks including Alphabet (GOOGL.O), and Amazon.com (AMZN.O) also posted gains, as did chipmaker Micron Technology (MU.O). According to preliminary data, the S&P 500 (.SPX) gained 26.28 points, or 0.59%, to end at 4,490.33 points, while the Nasdaq Composite (.IXIC) gained 143.81 points, or 1.05%, to 13,788.66. The Nasdaq and S&P 500 fell last week after hotter-than-expected U.S. producer prices data fanned concerns that the Federal Reserve could keep U.S. interest rates higher for longer.

Persons: Brendan McDermid, Tesla, Morgan Stanley, Jay Hatfield, Goldman Sachs, Alex Chriss, Amruta Khandekar, Saeed Azhar, Arun Koyyur, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, China AMC, Nasdaq, Nvidia, Micron Technology, Dow Jones, Infrastructure Capital Advisors, NVIDIA, Federal Reserve, Walmart, Traders, Fed, PayPal Holdings, Intuit, AMC Entertainment, Hawaiian Electric Industries, Thomson Locations: New York City, U.S, China, New York, Delaware, Maui, Lahaina, Bengaluru

☆ Hawaiian Electric Industries shares plunge amid deadly Maui wildfire scrutiny
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +4 min

Hawaiian Electric was last trading down 35% at $20.90. Hawaiian Electric did not immediately respond to a request for comment on Monday. Hawaiian Electric Vice President Jim Kelly told CNN Sunday that the company does not comment on pending litigation. He added that Hawaiian Electric does not have a formal shut-off program and precautionary shut-offs have to be arranged with first responders, CNN reported. Morningstar strategist Andrew Bischof said he was lowering his fair value estimate for Hawaiian Electric Industries to $23 per share from $34 due to the reports.

Persons: Mike Blake, Thomas Hayes, Jim Kelly, ” Kelly, Wells, Morningstar, Andrew Bischof, Wells Fargo, Shreyashi Sanyal, Clark Mindock, Shristi, Brendan O'Brien, Michelle Price, Lisa Shumaker, Alexia Garamfalvi Organizations: REUTERS, Hawaiian Electric Industries, Electric, Great, Washington Post, Maui Electric, National Weather Service, Hawaiian Electric, CNN Sunday, CNN, Morningstar, Thomson Locations: Kula, Maui, Hawaii, U.S, Lahaina, Great Hill, New York, Bengaluru, Chibuike

☆ Hawaiian Electric Industries shares plunge 40% amid deadly Maui wildfire scrutiny
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

Hawaiian Electric Industries did not immediately respond to a request for comment. A Washington Post report over the weekend raised questions over whether Hawaiian Electric, which owns utility Maui Electric, did not take sufficient safety measures amid warnings days before the fires broke out that wind gusts would trigger dangerous fire conditions. A class action lawsuit has also been filed against Hawaiian Electric claiming a downed power line on Maui caused the fire, NBC news and other outlets reported. The scrutiny caused Wells Fargo (WFC.N) and Morningstar to cut their price targets for Hawaiian Electric. Morningstar strategist Andrew Bischof said he was lowering his fair value estimate for Hawaiian Electric Industries to $23 per share from $34 due to the reports.

Persons: Mike Blake, Wells, Morningstar, Andrew Bischof, Wells Fargo, Shreyashi Sanyal, Michelle Price, Lisa Shumaker Organizations: REUTERS, Hawaiian Electric Industries, Washington Post, Maui Electric, Hawaiian Electric, NBC, Reuters, Morningstar, Thomson Locations: Kula, Maui, Hawaii, U.S, Lahaina, Bengaluru

☆ Live updates: Maui wildfires death toll rises, Lahaina recovery begins
▼ + stars: | 2023-08-14 | by ( Aditi Sangal | Mike Hayes | ) edition.cnn.com time to read: +3 min

Struggle to house displaced residents and tourists: The devastation has displaced thousands of people, FEMA Administrator Deanne Criswell estimated. As of Friday night, a total of 1,418 people were at emergency evacuation shelters, according to Maui County officials. Teams are working to get displaced Lahaina residents into temporary homes, with more than 500 hotel rooms already obtained with government subsidies, Green said Sunday. Hawaii's main electric provider sued: A lawsuit claims electrified power lines blown over by high winds helped to cause the destructive Lahaina wildfire. Mayor Bissen acknowledged Thursday that power lines that were “still energized” had fallen on the roads, but the new lawsuit does not state exactly how the power lines allegedly caused the wildfire.

Persons: Yuki Iwamura, John Pelletier, Josh Green, Deanne Criswell, Green, ” Green, weren’t, Bissen, ” Organizations: Getty, Maui Police, Gov, FEMA, Hawaiian Electric Industries Locations: Lahaina , Hawaii, AFP, Maui, Maui County, Lahaina

☆ Maui wildfires: What we know about the deadliest US fire in over a century
▼ + stars: | 2023-08-14 | by ( Nouran Salahieh | ) edition.cnn.com time to read: +10 min

While firefighters have made progress against the three largest wildfires, the deadly fire in hard-hit Lahaina is still not fully under control, Maui County Fire Chief Brad Ventura said Saturday. Mike Blake/ReutersThe most destructive and deadly of the fires, the Lahaina wildfire, traveled at an extraordinary speed, the governor said in a video update Sunday afternoon. “When the winds rose up – winds gusting as high as 81 miles per hour – fires spread rapidly,” Green said. Lahaina is the hardest hit areaVideo Ad Feedback The Maui fires destroyed their homes. People are still missing and just 3% of area was searchedA caretaker photographs the site of a home destroyed by the Maui wildfires in Kula, Hawaii on Sunday.

Persons: CNN — Crews, what’s, Josh Green, “ It’s, Brad Ventura, Mike Blake, ” Green, “, Lori Moore, Merrell, Richard T, Bissen, Deanne Criswell, King Kamehameha III, Keith Hayashi, ” Hayashi, John Pelletier, Patrick T, Fallon, Pelletier, Mazie, Brittany Talley, Timm “ TK ” Williams, Williams, Talley, ” Talley, weren’t, we’ll, Anne Lopez, ”, Jim Kelly, ” Kelly Organizations: CNN, ”, Federal Emergency Management Agency, Maui County Fire, Maxar Technologies, FEMA, Sunday, Maui Police, National Fire Protection Association, People, Getty, Sen, Hawaiian Electric Industries, Hawaiian Electric Locations: Maui, ” Hawaii, Lahaina, Maui County, Kula, Hawaii, Lāhainā, Kula , Hawaii, AFP, Kaanapali

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