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For some merchants, PG & E Clearance could mean a $ 5.6 million jackpot



(Bloomberg) – Early trades in PG & E Corp. The opportunities may have reaped a gain of 2,800 percent after a California probe took responsibility for a deadly fire.

PG & E shares jumped as California governor Gavin Newsom said the state found out that utility-owned equipment was not the cause of the second-largest destructive fire in state history that broke out in wine country in 2017. [19659003] pm. 14:39 New York time – about half an hour before the announcement – 10,000 call options on the stock exchange are trading at $ 200,000 in a bet, the stock will climb up to $ 12 or more than 50 percent from Wednesday's close to February 8. The deal was soon worth as much as $ 5.8 million. Reuters reported on the option activity earlier.

PG & E, which was set up for bankruptcy proceedings to handle falsified liabilities, has not indicated that it is changing the course, but clearing can reduce its fire charges by more than half. The file that had been trading at a loss earlier in the session then rose a 75 percent record to $ 13.95, above the strike of the call.

On February 8, $ 12 called changed hands for 20 cents each and rose to as much as $ 5.80 before the end of the day at $ 3.68. This means that investors or investors could have made $ 5.6 million from trading, a 2,800 percent gain. Before Thursday, only 109 of these options existed, data prepared by the Bloomberg Show.

Another contract addressed the investors' interest Thursday before the clearing news broke: A call expires next January with a $ 20 strike. An opening block of 3,000 of these options changed hands to 65 cents every hour. 14:55 and up to $ 3.57. The trader stands to have made $ 876,000.

PG & E did not respond promptly to telephone and email requests for comments on the opportunities outside of opening hours.

To contact the reporter about this story: Cecile Vannucci in Hong Kong at cvannucci1@bloomberg.net

To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Joanna Ossinger, Teo Chian Wei

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