# Stock Market Midday Moves: Utility Slump and Jewelry Merger

**Published:** 2026-09-09T10:32:41.539Z  
**Topic:** S P 500  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/55a7825c-378e-40bc-b162-b717f2478cb3

Utility stocks PG&E and Edison fell up to 24% on wildfire liability news, while TBZ surged 20% following a major stake sale to GRT Jewellers.

Utility stocks led market declines on Tuesday as Pacific Gas & Electric and Edison International shares slumped 19% and 24%, respectively, after California lawmakers blocked a proposal to limit wildfire liability payouts [2]. The move triggered widespread analyst downgrades, overshadowing gains in other sectors as investors recalibrated risk in the utility space [2].

| At a glance | |
|---|---|
| PG&E Stock Move | -19% |
| Edison International Move | -24% |
| TBZ Price Surge | +20% |
| ATF Price Increase | +5.46% |

## Corporate Restructuring and Sector Shifts
Tribhovandas Bhimji Zaveri (TBZ) shares jumped 20% to hit an upper circuit after announcing that GRT Jewellers India will acquire a 74.12% promoter stake for up to Rs 1,033.71 crore [1]. The deal provides GRT access to a 162-year-old brand and a 37-store network, with an additional 26% open offer pending under SEBI regulations [1]. Meanwhile, ITC shares rose 4.69% following the announcement of a merger between ITC Infotech and Happiest Minds Technologies, a deal aimed at reaching $1 billion in revenue by FY28 [1]. Conversely, Happiest Minds shares fell 12.2% as investors expressed concern over the long approval timeline and future leadership structure [1].

In the aviation sector, InterGlobe Aviation and SpiceJet shares declined following a 5.46% increase in Aviation Turbine Fuel (ATF) prices to Rs 121.28 per litre [1]. This hike coincides with Brent crude prices climbing above $91 per barrel, placing further pressure on operating expenses, which are already strained by rupee weakness and airspace restrictions [1]. The energy sector saw a contrasting trend, as U.S. oil prices rose more than 2% following strikes between the U.S. and Iran, lifting shares of companies like Chevron and Exxon Mobil by roughly 1% [2].

## Earnings and Operational Updates
Milky Mist Dairy Food surged 10% after reporting a nearly ten-fold increase in Q1 FY27 net profit, with profit after tax rising 889.9% on the back of 43.6% revenue growth [1]. In the U.S., Science Applications International shares rose 4% after the defense contractor raised its full-year earnings forecast to a range of $10.65 to $10.75 per share, up from a previous estimate of $9.90 to $10.10 [2]. 

Not all earnings news was positive; Howmet Aerospace shares tumbled more than 8% after SpaceX CEO Elon Musk announced plans to bring turbine blade manufacturing in-house, a move Musk claims could accelerate natural gas turbine deployment by 18 months [2]. Additionally, Herbalife shares dropped 13% after the company announced the departure of CEO Stephan Gratziani, despite reaffirming full-year revenue growth guidance of 2.5% to 5.5% [2].

## What to watch
*   **Regulatory Approvals:** Monitor the progress of the TBZ and GRT Jewellers transaction, which remains subject to customary closing conditions [1].
*   **Aviation Costs:** Watch for further shifts in Brent crude prices, as fuel costs currently account for 30% to 40% of airline operating expenses [1].
*   **Leadership Transitions:** Observe the impact of executive changes at Apple, where John Ternus is set to succeed Tim Cook, and at Herbalife, where John DeSimone will serve as interim CEO [2].

The market remains sensitive to both geopolitical volatility in the Middle East and domestic regulatory decisions, creating a divergence between energy-linked gains and utility-sector losses. Whether the current pressure on airline margins or the consolidation in the jewelry sector signals a broader trend in consumer and industrial spending remains the primary question for the coming weeks.

## Sources
1. Financialexpress — [Stocks making the biggest moves midday... | The Financial Express](https://www.financialexpress.com/market/stocks-making-the-biggest-moves-midday-itc-maruti-tbz-milky-mist-and-more-4329606/?ref=mostread_hp)
2. CNBC — [Stocks making the biggest moves midday: PG&E, Edison International, Apple, Howmet Aerospace, Eli Lilly & more](https://www.cnbc.com/2026/08/31/stocks-making-the-biggest-moves-midday-pcg-eix-agco-hwm-more-.html)
3. CNBC — [cnbc.com/2026/08/03/stocks-making-the-biggest-moves-midday...](https://www.cnbc.com/2026/08/03/stocks-making-the-biggest-moves-midday-amzn-glw-crwv-bmy.html)

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Cite as: TrendWatcher, "Stock Market Midday Moves: Utility Slump and Jewelry Merger", https://www.trendwatcher.in/article/55a7825c-378e-40bc-b162-b717f2478cb3