Do You Own Insurance Stocks? Here’s How Hurricane Charley Is Affecting Them
Stocks are being boosted
by lower crude oil prices after Venezuelan President Chavez survived
a recall election, easing fears of a possible disruption. The Empire State
Manufacturing Index fell to its lowest level since May 2003, to 12.6 in August
from 35.6 in July. A reading above zero still indicates expansion. The Insurance
Index
(
IUX.X |
Quote |
Chart |
News |
PowerRating) is up over 1.5%; companies are still assessing damage from
Hurricane Charley. Damage is estimated at between $10-$15 billion. Allstate
(
ALL |
Quote |
Chart |
News |
PowerRating) said that the storm would impact its Q3 results; ALL is trading at
46.36, up 0.93. The Airline Index
(
XAL.X |
Quote |
Chart |
News |
PowerRating) is also up, over 4.5%.
| Dow | +108.10 | 9832.94 |
| S&P 500 | +12.12 | 1076.94 |
| Nasdaq | +24.08 | 1781.30 |
Strong today are: Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating)
+4.40%, Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) +3.23%, Brokers
(
XBD.X |
Quote |
Chart |
News |
PowerRating)
+2.69%.
10-year Notes are -155 at 112 095
The dollar
is +0.22 at 87.92
Gold is +1.80 at 402.30
Crude Oil is -0.13 at
45.90
Volume is 567 million on
the NYSE and 620 million on the Nasdaq.
Market breadth is positive.
| NYSE | Issues | |
| Advancing | 2358 | Up Vol 464 |
| Declining | 754 | Down Vol 60 |
| Ratio | 3.12 | 7.73 |
| Nasdaq |
||
| Advancing | 2043 | Up Vol 481 |
| Declining | 907 | Down Vol 104 |
| Ratio | 2.25 | 4.62 |
Stocks in the News
Kmart
(
KMRT |
Quote |
Chart |
News |
PowerRating) is up on good earnings. The company reported $1.54 per
diluted share.
Allstate
(
ALL |
Quote |
Chart |
News |
PowerRating) said Hurricane Charley
may hurt its results.
Profits rose at food distributor Sysco
(
SYY |
Quote |
Chart |
News |
PowerRating)
rose, posting 0.43/share.
Number-two home improvement retailer Lowe’s
(
LOW |
Quote |
Chart |
News |
PowerRating) reported an 18% increase in their Q2.
WalMart
(
WMT |
Quote |
Chart |
News |
PowerRating) maintained its August
sales forecast and said demand was strong in areas hit by Hurricane Charley.
Brice Wightman