TradingMarkets’ 7 Stocks You Need To Know About For Tuesday

Stocks closed green Monday as Hurricane Katrina
was downgraded to a Category 1 storm,
down from a category 5 just yesterday. Three quarters of a million homes in the
region lost power. Crude oil
briefly climbed above $70/barrel after offshore platforms were evacuated.
Transocean
(
RIG |
Quote |
Chart |
News |
PowerRating) reported a rig adrift in the Gulf. Katrina could
be the most expensive storm in history, costing insurers an estimated $25
billion. Last year, insurers paid a record $22.9 billion on 4 hurricanes. Fitch
reports that Katrina could also be the largest insured loss for a single event,
behind September 11 and 1992’s Hurricane Andrew.

Among the insurers, Allstate
(
ALL |
Quote |
Chart |
News |
PowerRating) fell 0.77, Hartford
(
HIG |
Quote |
Chart |
News |
PowerRating) lost 1.08, Renaissance Re
(
RNR |
Quote |
Chart |
News |
PowerRating) was off 0.73, Everest
Re
(
RE |
Quote |
Chart |
News |
PowerRating), rose 0.05 and AIG
(
AIG |
Quote |
Chart |
News |
PowerRating) was up 0.25.

Airlines were weak, with AMR
(
AMR |
Quote |
Chart |
News |
PowerRating) down almost 2%.

Harrah’s
(
HET |
Quote |
Chart |
News |
PowerRating) has significant exposure in the hurricane areas.
HET rose 0.25.

Here are a few stocks to watch for Tuesday:

After the close Monday, Cox Radio
(
CXR |
Quote |
Chart |
News |
PowerRating) announced a $100 million
stock buyback.

McKesson
(
MCK |
Quote |
Chart |
News |
PowerRating) announced a $250 million stock buyback.

You’ve no doubt heard all about insurance stocks today, as Hurricane Katrina
will cost them a lot. The insurance sector is worth watching closely–it just
may be that the pullback is over.

AIG
(
AIG |
Quote |
Chart |
News |
PowerRating) gapped lower but closed higher.

Allstate
(
ALL |
Quote |
Chart |
News |
PowerRating) did basically the same thing, but didn’t fill the
gap.

After the close, Electronics Boutique
(
ELBO |
Quote |
Chart |
News |
PowerRating) missed by 0.03 and
was a little light on the revenue front.

Finally, Abercrombie & Fitch
(
ANF |
Quote |
Chart |
News |
PowerRating) said that August comps rose
24%; the company also reaffirmed its outlook.