Situational awareness:

  • PG&E CEO Geisha Williams left the company and the utility is preparing to declare Chapter 11 bankruptcy today. (WSJ)
  • Former Theranos CEO Elizabeth Holmes and ex-President Ramesh “Sunny” Balwani are expected in a California court for a hearing on criminal charges Monday. They could each face prison sentences of up to 20 years. (NYTimes)
  • MNG Enterprises, better known as Digital First Media, will offer to buy Gannett for $12 a share, a 23% premium over Friday’s closing price of $9.75. (WSJ)
  • The Trump corporate tax cuts likely will cost $2 trillion over the next 10 years, up $400 billion from the prior estimate, Bloomberg's Stephen Gandel writes. In 2018, the tax cut saved S&P 500 companies $144 billion, but resulted in less growth than expected. (Bloomberg)