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Sempra stock soars after shareholder call for strategic review

The stocks of two California utilities — Sempra Energy and PG&E Corp. — reacted sharply June 11 to respective developments at their companies.

Sempra shares opened 17% higher than their June 8 closing price of $101.43 as investors responded positively to activist investors Elliott Management Corp. and Bluescape Resources Co. LLC calling June 11 for a strategic review at the company to unlock what the hedge funds argue is an $11 billion to $16 billion value creation opportunity.

Sempra stock leveled out in the midday, up about 15% and trading around $117 per share just after 12:30 p.m. ET.

PG&E shares opened more than 7% lower than their June 8 closing price of $41.45 per share on news that the California fire agency said June 8 that equipment belonging to utility subsidiary Pacific Gas and Electric Co. contributed to 12 wildfires in the state from October 2017.

Company stock recovered slightly in the midday, down about 5% and trading at $39.59 per share just after 12:30 p.m. ET.