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Amazon Slides on FTC Lawsuit, PG&E, Edison Fall, Deere Gains

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Today's biggest winners and losers in the stock market, a look at the notable movers:
On this episode of Stock Movers:

- Amazon.com (AMZN) shares extend drop to as much as 3.5% after the WSJ reported that the Federal Trade Commission plans to file a lawsuit against the e-commerce giant on Monday alleging that the company manipulated prices businesses paid to advertise on its retail platform. The lawsuit will allege that Amazon deceived advertisers by secretly raising the minimum price advertisers had to pay to place ads promoting their products. Advertisers allegedly suffered billions of dollars in harm by paying higher prices for ads, and the states joining the lawsuit could attempt to claw some of that money back.

- Shares of PG&E Corp., (PCG) Edison International (EDX) and Sempra plunged after an effort by California Governor Gavin Newsom to shift wildfire liabilities from the state’s utilities failed. At least three analysts cut their recommendations on utilities stocks after California lawmakers introduced a bill that would update the state’s wildfire response, but would not move liability away from publicly traded utilities. The utilities had advocated for being shielded from wildfire-related lawsuits, with PG&E saying the bill "does not adequately address the financing risks created by California’s current wildfire liability framework".

-Deere (DE) and Agco climb 2% after Baird turned bullish on the pair, saying corn and soy futures are reaching levels that will lead to higher agricultural machine demand.

 
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