PG&E shares fall after deadly explosion

pge chart.pngClick chart for more of today's market action. By Blake Ellis, staff reporter


NEW YORK (CNNMoney.com) -- Shares of Pacific Gas & Electric tumbled 6% Friday after a gas pipeline in California exploded and erupted into flames.

The blast occurred in San Bruno, near San Francisco, after a gas transmission line owned by PG&E (PCG, Fortune 500) ruptured. But the cause of the rupture is still being investigated.

The explosion, which took place late Thursday, killed four people and sparked a fire that has destroyed dozens of homes.

Shares of the utility company dropped $2.91, or 6%, to $45.34 in afternoon trading Friday.

CNNWires contributed to this report.  To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 23,948.44 -75.69 -0.32%
Nasdaq 6,999.52 -7.83 -0.11%
S&P 500 2,629.65 -4.91 -0.19%
Treasuries 3.02 0.04 1.17%
Data as of 12:44pm ET
Company Price Change % Change
General Electric Co 14.02 -0.66 -4.53%
Advanced Micro Devic... 9.82 -0.27 -2.63%
Bank of America Corp... 29.96 -0.23 -0.75%
Micron Technology In... 47.84 0.73 1.55%
Comcast Corp 34.52 1.17 3.51%
Data as of 12:29pm ET
Sponsors

Sections

Lululemon's sales and profits have soared and so has the stock. Lululemon has targeted more men as customers and is growing its digital operations. But it once again needs a new CEO and analysts fear the stock is ahead of itself. More

US regulators are close to slapping Wells Fargo with a $1 billion fine for forcing customers into car insurance and charging mortgage borrowers unfair fees. More

No one knows when the next bear market will start. So it's futile to base your investment strategy on what amounts to speculation. More