PG&E Corporation (NYSE:PCG) stock is getting a boost on Monday from its planned inclusion in the S&P 500.
According to a press release from the stock market index, the utility company will join the S&P 500 before markets open on Oct. 3. This will see it replacing Citrix Systems (NASDAQ:CTXS).
The reason for the change has to do with an acquisition deal for Citrix Systems. Vista Equity Partners is planning to purchase the company and take it private. The expected closure of that deal is Sept. 30.
Can PCG Recover From Its Dark History?
Investors following PCG stock will remember that the company filed for bankruptcy back in 2019. This came as it faced billions of dollars in claims from wildfires in California. The company later exited bankruptcy in July 2020.
However, not everything has been good news for PCG stock since then. The company has recently been caught up in more legal battles over California wildfires. That includes manslaughter charges, which it has pleaded not guilty to, from the 2022 wildfires, MarketWatch notes.
Investors are reacting positively to news of PG&E Corporation joining the S&P 500, which tracks the 500 large companies public companies listed on U.S. Stock exchanges. This has it starting the day with a trading volume of over 5 million shares. That’s not bad next to its daily average trading volume of about 12 million shares.
PCG stock is up 4.1% as of Monday morning and is up 6.6% since the start of the year.
Investors seeking out all of the latest stock market news will want to stick around!
We’ve got them covered with the most recent news for Monday! Among that is what has shares of casino stocks rising, this morning’s biggest pre-market stock movers and more. You can check all of that out at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
