PG&E shares spike after suspected wildfires arsonist is arrested in Northern California

CNBC – JEFF DANIELS, FRED IMBERT

Shares of California utility PG&E rose 7.51 percent Tuesday on word about a suspected arsonist arrested in Sonoma County.

California’s largest electric utility company has seen its stock drop nearly 18 percent since Oct. 9 amid concerns it could be found liable for the fires that have ravaged Northern California. More than 41 deaths have been blamed on the fires and dozens of people remain missing in Sonoma County alone.

As of Tuesday, the cause of the current wildfires in Northern California remained “under investigation,” according to Cal Fire.

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