PG&E shares plunged 27%, and it’s not because of the shutdown

It’s been a rough week for San Francisco-based PG&E, with the Northern California electricity shutdown underway. But it was a bankruptcy judge’s ruling that sent the utility’s stock price tumbling Wednesday.

In after-hours trading, the utility’s shares fell to $8, down $2.98, or 27%. In regular trading Wednesday, PG&E shares tacked on eight cents to close at $10.98. One analyst, Andy Smith at Edward Jones, said late Tuesday that the Northern California shutdown will have “no material impact”…

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