BUZZ-Edison International shares tumble 14% as California wildfires rage

Updates stock activity, adds Sempra announcement and stock move

** Shares of utility firm Edison International EIX.N tumble as much as 13.8% to $66.70, set for fourth straight day of losses on Weds, as wildfires rage out of control near Los Angeles

** EIX shares hit lowest levels since Apr and on track for biggest one-day pct drop since COVID pandemic onset in Mar 2020

** Fast-growing fires killed at least two people on Weds, destroying hundreds of buildings, scorching hillsides and prompting officials to mandate some 70,000 people to evacuate

** EIX subsidiary, Southern California Edison (SCE), shut power to over 110,000 customers to prevent damage to distribution lines from the wildfire, co said on Weds

** SCE/EIX has not posted an incident report related to any new fires, as it is required to do so within hours of determining involvement with its equipment, though the lack of a filing does not "definitively mean that the equipment was not involved," Jefferies analyst Julien Dumoulin-Smith said in note to clients on Weds

** "Investors remain nervous given the lack of containment with a 'sell first, ask questions later' mindset. We remain comfortable due to the AB 1054 liability protections that limits the tail risks for the utilities,” he added. Jefferies has a 'buy' rating on EIX

** Meanwhile, shares of northern California utility PG&E Corp PCG.N off nearly 4% on the session. Co, which in 2020 emerged from a bankruptcy prompted by deadly blazes linked to its equipment, was offered a $15 bln loan last month by the U.S. DOE to bolster the power grid

** Shares of Sempra SRE.N, which provides power and gas in the San Diego area, down 2% on Weds. Co's SDG&E said on its website it had cut power to nearly 9,000 customers due to fire risks

** EIX shares last down 11% at $66.88. They are now off ~14% to start 2025, after 12% gain in 2024

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))