Small-Cap Snap: PG&E extends drop after removal from S&P 500 Index

Also moving are the shares of Detour Gold Corp and Electronics For Imaging Inc

A photo of a forest fire
PG&E may face billions of dollars in liabilities related to the California wildfires

PG&E Corp (NYSE:PCG) extended its decline after S&P Global said the utility is leaving the S&P 500 Index and is being replaced by Teleflex, a Wayne, Pennsylvania-based designer of medical devices. PG&E said earlier in the week that it is seeking bankruptcy protection. The utility may face billions of dollars in liabilities related to the California wildfires.

The stock decreased 8.1% to $6.35.

READ: Detour Gold's price target hiked by Dundee Capital on reduced risk profile

Detour Gold Corp (OTCMKTS:DRGDF) (TSE:DGC) rallied after reporting record production at its Detour Lake mine in northeastern Ontario. The Toronto-based company posted gold production of 158,200 ounces for the fourth quarter, its best quarterly output ever. For the year, gold production of 621,128 ounces was above the midpoint of the company’s annual guidance.

Shares climbed 3.3% to $9.19 on the OTC Markets. They edged up 2.2% to $12.10 on the Toronto Stock Exchange.

Electronics For Imaging Inc (NASDAQ:EFII) dropped after the Fremont, California-based company lowered its fourth-quarter outlook for non-GAAP earnings per share to $0.45 to $0.47. Revenue is expected to be between $255 million to $257 million. The digital printing company said its results were affected by weakening economic conditions experienced across its direct businesses, with customers delaying spending on capital equipment and software.

The stock sank 18% to $22.16 on the Nasdaq.

Contact Dennis Fitzgerald at [email protected]

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