PG&E Corp（PCG）資訊與事件PCGPG&E Corp

Pacific Gas and Electric Responds to San Francisco Takeover Proposal Valuing at $22.5 Billion

Pacific Gas and Electric Company responded to the City and County of San Francisco's petition asking the California Public Utilities Commission to determine the value of PG&E's electric distribution grid in San Francisco. PG&E's filing details that the CPUC-required costs of a CCSF takeover would be $22.5B. "CCSF's April 2026 filing estimated only the fair-market value of the grid's assets. PG&E's filing includes both the fair-market value of the grid's assets and the costs CCSF would have to pay PG&E and its remaining customers as part of its proposed takeover," the company stated. PG&E's filing outlines a fair-market value of approximately $13.9B for its electric and real property assets in San Francisco, compared to the $3.4B that CCSF cited in April. However, PG&E's valuation also includes $7.6B in damages for business severance and $1B in damages for physical separation, the company added. "A government takeover of our grid is not the right solution for our San Francisco customers. We have decades of specialized expertise operating San Francisco's complex electric system. And now our filing shows that a takeover doesn't make financial sense for customers," said PG&E Corporation CEO Patti Poppe.

General Motors and Ford to Report Quarterly Results

General Motorsis scheduled to report quarterly results before market open on Tuesday, October 20, with a conference call scheduled for 8:30 am EST, while Fordis scheduled to report after market close on Wednesday, October 28, with a conference call scheduled for 5:00 pm EST. What to watch for:GM SALES:Earlier in October, GM reported sales in Q3 totaling 670,974 vehicles, a decline of 6% compared with the same period a year earlier, which, "reflected the much smaller EV market and discontinued vehicles. However, sales of GM's highest volume vehicles were in line with the outstanding level of a year ago." "Our business is performing very well, the launch of our next-generation full-size pickup trucks is on track, and we are making investments in new vehicles, innovative technologies, and our U.S. manufacturing footprint to drive our next phase of growth," said Duncan Aldred, President of GM North America.GM GUIDANCE:Along with its Q2 earnings, the company raised its FY26 adjusted EPS guidance to $12.00-$14.00 from $11.50-$13.50. Consensus, which stood at $12.79 at the time, has since risen to $13.42. The company also raised its FY26 EBIT-adjusted view to $14B-$16B from $13.5B-$15.5B and adjusted automotive free cash flow view to $9.5B-$11.5B from $9B-$11B. GM also announced that 2027 results are expected to be better than 2026, with several key drivers set to grow revenue, margins, EBIT and FCF.GM PARTNERSHIPS, INITIATIVES:In July, Micronand GM announced a strategic customer agreement to secure a long-term supply of memory and storage platforms for GM's vehicle production and delivery at scale. The company also announced in July availability of ChargePointin Energy Pass. In August, GM, Pilot Company and EVgoannounced their collaborative EV fast-charging network surpassed 300 locations. The company also announced a 20-year extension to its joint venture partnership with SAIC. Additionally in August, Samsung SDIannounced an agreement with GM to buy its stake in U.S. battery joint venture SynergyCells. In September, the company announced a new truck user interface that integrates with Android Autoand Apple CarPlay. The company also reported the award of a $697.7M U.S. Army contract in September. Additionally in the month, GM launched the Smart Charge Bundle initiative with PG&E. The company also unveiled its updated 2027 heavy-duty truck lineup and launched the OnStar Fleet Intelligence Platform.ANALYST VIEW:RBC Capital raised the firm's price target on GM to $102 from $100 and kept an Outperform rating on the shares as part of a broader research note previewing Q3 results for global Automakers. For U.S. OEMs, resilient SAAR supports pricing power and higher average transaction prices heading into the quarter, the analyst said, adding that a potential US-Mexico bilateral trade agreement before year-end could represent meaningful upside. The firm further noted that for western suppliers, current valuations look compelling, though China remains the key focus following S&P's latest China production forecast cut.JPMorgan lowered the firm's price target on GM to $110 from $120 and kept an Overweight rating on the shares. The firm sees a "muted setup" for Ford and GM into the Q3 earnings reports, saying preliminary 2027 outlook commentary "is likely to present a cautious tone." JPMorgan expects in-line to slightly better Q3 prints, but said investor focus is likely to be on 2027 estimate revisions, and it does not see the results driving meaningful upside.FORD SALES:In August, Ford reported total U.S. vehicle sales in July of 169,951 were down 10.2% from 189,313 in the same month of last year. In September, the company reported U.S. total vehicles sales of 170,681 in August, down 10.3% from the same month of last year. In October, Ford announced that, excluding the planned phase-out of Escape and Corsair, the company estimated its Q3 retail share increased approximately 0.4 percentage points year over year to 12.1%. Q3 sales totaled 509,764 vehicles, down 6.6%, reflecting the planned portfolio changes. Adjusting for Escape and Corsair, Ford's total vehicle sales volume was essentially unchanged compared with an industry decline of about 1%. "We delivered a solid quarter and continued to gain retail share adjusted for the planned sunset of Escape and Corsair," said Andrew Frick, president, Ford Blue and Model e.FORD GUIDANCE:Along with its Q2 results, Ford raised its FY26 adjusted EBIT view to $10B-$11B from $8.5B-$10.5B. The company said, "Building on strong first-half results, the company is raising full-year 2026 guidance. Ford now expects the following for full-year 2026: Adjusted EBIT of $10B to $11B; free cash flow of $6B to $7B which now includes expected 2026 cash recovery of approximately $500M of the $1.3B IEEPA reimbursement recorded in the first quarter; Capital expenditures of $9.5B to $10.5B, unchanged from prior guidance. By segment, Ford now expects: Ford Blue EBIT of $5B to $5.5B; Ford Pro EBIT of $7B to $7.5B; Ford Model e loss of approximately $4B, this includes about $1B in incremental investment for the Universal Electric Vehicle platform and Ford Energy, mostly weighted toward the second half of the year; Ford Credit earnings before taxes above $2.5B."FORD PARTNERSHIPS, INITIATIVES:In July, Micron and Ford announced a long-term strategic customer agreement to strengthen the supply of memory and storage solutions supporting Ford's next-generation vehicle production. Additionally in July, the company ratified a three-year national collective agreement with Unifor. Ford also partnered with BlackRock, Carhartt and Google to launch the Alliance for Americas Skilled Trades and announced a Europe-focused joint venture with Geely Automobilein July as well. The company also announced in July that Apple Maps would power navigation for its upcoming UEV platform. In August, Ford appointed Dave Carroll as president of Ford Energy. In September, the company, along with JPMorganand the State of Michigan, announced the launch of the Michigan LIFT initiative.ANALYST VIEW:JPMorgan lowered the firm's price target on Ford to $16 from $17 and kept an Overweight rating on the shares. The firm expects in-line to slightly better Q3 prints.UBS lowered the firm's price target on Ford to $15 from $17 and kept a Buy rating on the shares. Ford's Q3 results are now expected to be roughly in line after late-quarter F-150 downtime reduced the previously expected beat, while 2027 profit guidance should remain limited, but the stock remains attractive around $12 given potential for a BESS announcement, the analyst said.