AegeanBlue/E+ via Getty ImagesDownload this episode on Apple Podcasts/Spotify or listen below:One legislative move sent utility stocks (PCG) (EIX) from defensive to combustible. (00:14) Shein finally hit the market. (02:09) A new Airbnb (ABNB) experiment could leave hosts with a bigger slice of every booking. (02:45)This is an abridged transcript.Lawmakers in California will vote on a bill today that would increase accountability for utilities that cause wildfires, which would hit companies like PG&E (PCG) and Southern California Edison parent Edison International (EIX).The Senate Bill 492 includes limits on executive compensation if the utility causes a catastrophic wildfire, a fast-pay program for wildfire victims, and a ban on transferring or selling any wildfire claim to a private equity group.This is an update to a story we briefly mentioned on Wall Street Breakfast and Wall Street Lunch on Monday.PG&E (PCG), Edison International (EIX), and Sempra (SRE) plunged 20%, 23%, and 3%, respectively, on Monday after California lawmakers over the weekend introduced wildfire legislation that blocked Gov. Gavin Newsom's proposal to prevent insurance companies from suing utilities for wildfire-related claims.If California's wildfire liability fund runs out of money, the Senate Bill 492 would require PG&E (PCG) to pay nearly 48% of the fund, and the costs of those contributions cannot be passed on to ratepayers.Edison (EIX) faces the additional burden of the January 2025 Eaton Fire, which California investigators attributed to Southern California Edison equipment and which could generate billions of dollars in claims, making the failure to reform the state's liability structure particularly consequential.Mizuho Securities downgraded PG&E (PCG), Edison (EIX), and Sempra (SRE) to Neutral from Outperform, saying the state legislature "largely blocked" Newsom's push to shield utilities and that, overall, the bill is not good for investors.PG&E (PCG) shares were downgraded to Equal Weight from Overweight with a $24 price target at Wells Fargo, citing the lack of a meaningful wildfire liability backstop.PG&E (PCG) also was cut to Market Perform from Outperform with a $21 PT at BMO Capital.Shares of Shein (SHEIN) tumbled about 10% in early Hong Kong trading before paring losses to trade down 4% by lunchtime on Tuesday.The Singapore-headquartered company sold about 280 million shares in its initial public offering, raising around 13.60 billion Hong Kong dollars ($1.74 billion) after the final offer price was set at HK$48.56 per share, below the maximum offer price of HK$49.5.Known globally for selling $5 tops and $10 dresses, the IPO valued Shein at around $26.5B, far below its 2022 peak of nearly $100B.Airbnb (ABNB) is testing a program in the U.S. that would lower the fees paid by some hosts to as little as 6%.Bloomberg reported that the program is being offered to select hosts who use third-party software to manage their listings. Participating hosts can generate a unique Airbnb booking link and share it with potential guests.When a guest makes a reservation through the link, Airbnb's take rate is reduced to either 6% or 10%, compared with the company's average take rate of 16%, the report said.Some hosts have been directing guests to their own websites to retain more of the booking revenue.Airbnb (ABNB) has not disclosed how many U.S. hosts are participating in the lower-fee program or whether it plans to expand the reduced fees more broadly.What’s Trending on Seeking Alpha:Apple’s $4.6T test: Can Ternus build what comes next?Trump says data center opponents could 'end up backwards and poor'Howmet slides after Elon Musk unveils SpaceX turbine-blade casting planCatalyst watch:The two-day G20 Innovation Ministerial meeting in North Carolina will include G20 officials and tech leaders such as SpaceX (SPCX) and Tesla (TSLA) CEO Elon Musk, OpenAI (OPENAI) CEO Sam Altman, and Nvidia (NVDA) CEO Jensen Huang.Baidu's (BIDU) dual listing on both the Nasdaq and Hong Kong Stock Exchange becomes effective.New Apple (AAPL) CEO John Ternus takes over for Tim Cook, who led the Cupertino-based tech giant since 2011. Cook will move into the role of executive chairman of Apple.The three-day Commercial UAV Expo will begin in Las Vegas. The expo will include manufacturers, software and sensor suppliers, service providers, regulators, and enterprise/public-sector drone users. Notable exhibitors include Amazon Prime Air (AMZN), DJI, and Ouster (OUST).McDonald's (MCD) will bring back its popular Spicy Chicken McNuggets limited-time offering to its national menu.Kontoor Brands (KTB) will hold a Helly Hansen Investor Day event.Dell (DELL) will hold its earnings conference call. Key topics will be the color on AI-server and broader infrastructure demand, along with management’s commentary on order trends, margins, supply availability, and the new outlook. Options trading implies a 10% share price swing after the report is released. Intel (INTC) is a major supplier to Dell, with 19% of its revenue coming from the laptop maker. Over the last few years, Intel has traded in the same direction as Dell 88% of the time after the earnings release.Stock index futures are in the red.Crude oil is up 2.4% at $87. Brent crude is up 1.9% at $92.The FTSE 100 is down 1.1% and the DAX is down 1.2%.One stock on the biggest movers list: NIO (NIO) -4% - Shares slipped ahead of the EV maker's upcoming Q2 results, despite reporting a 14.5% Y/Y increase in August deliveries to 35,836 vehicles.Economic calendar: