PG&E stock jumps on S&P 500 inclusion, a little more than 2 years after emerging from bankruptcy

Shares of PG&E Corp. PCG, -2.70% jumped 4.2% in premarket trading Monday, after the California-based utility was added to the S&P 500 index SPX, -1.72%, a little more than two years after emerging from bankruptcy. Late Friday, S&P Dow Jones Indices said PG&E would replace Citrix Systems Inc. CTXS, -0.06% in the benchmark index, as Citrix is being acquired by Vista Equity Partners in a deal expected to be completed on Sept. 30. PG&E had filed for bankruptcy in early 2019 amid billions in claims from wildfires in California, then emerged from bankruptcy in July 2020. In June 2022, the company pleaded not guilty to manslaughter charges in a 2022 California wildfire. The stock has gained 3.9% year to date through Friday, while the SPDR Utilities Select Sector ETF XLU, -1.16% has ticked up 0.3% and the S&P 500 SPX, -1.72% has dropped 22.5%.