Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Shares of generator maker soar, insurance stocks fall as Hurricane Milton intensifies

by admin October 9, 2024
October 9, 2024
Shares of generator maker soar, insurance stocks fall as Hurricane Milton intensifies

Shares of backup power generation company Generac Holdings surged more than 7% on Monday as Hurricane Milton rapidly strengthened into a Category 5 storm.

Hurricane Milton is forecast to move north of the Yucatan Peninsula on Monday and Tuesday before crossing the Gulf of Mexico to approach the west coast of Florida by Wednesday, according to the National Hurricane Center. Tampa Bay could face a storm surge of between 8 feet and 12 feet, according to forecasters.

Generac hit an intraday high of $174.08, up about 8.7% over Friday’s close. The power generation company also hit a new 52-week high.

Hurricane Milton comes on the heels of Hurricane Helene, which killed more than 220 people and wrought devastation across the Southeast, particularly in North Carolina.

Insurance stocks that have weather catastrophe exposure, meanwhile, are falling on potential insured losses tied to Hurricane Milton. Allstate, Travelers and Chubb saw their shares fall more than 3%, while Progressive and AIG all declined more than 1%.

Universal Insurance, based in Fort Lauderdale, Florida, plunged more than 15% as the catastrophe-prone carrier with Gulf Coast exposure could see heightened hurricane risks.

The shares of property and casualty insurance underwriters and reinsurers should come under pressure as Milton could result in a sharp reduction to their fourth-quarter earnings, Joshua Shanker, research analyst at Bank of America, told clients in a Monday note.

Forecasters have warned for months of an “extremely active Atlantic hurricane season” this year. This is due to warm sea surface temperatures that serve as a fuel source for hurricanes, according to Colorado State University Tropical Weather and Climate Research.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Walmart-owned Sam’s Club tests a future without checkout lines
next post
Large Scale Copper Discovery Confirmed

Related Posts

McDonald’s says $5 value meal sales are hot...

July 31, 2024

IMAX CEO expects $1.2 billion in box office...

February 23, 2025

Fintech company Chime files for Nasdaq IPO

May 14, 2025

Drone company’s stock soars after appointing Donald Trump...

November 28, 2024

Rite Aid files for second bankruptcy in two...

May 7, 2025

Cryptocurrency ‘pig butchering’ scam wrecks Kansas bank, sends...

August 23, 2024

Etsy CEO says company is escaping ‘race to...

July 10, 2024

Nvidia’s CEO did a Q&A with analysts. What...

March 27, 2025

Boeing delivered 30 airplanes in December, but gap...

January 15, 2025

Retail sales slumped 0.9% in January, down much...

February 15, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Strategic Chaos or Tactical Goldmine? What QQQ’s Chart is Whispering Right Now

      June 5, 2025
    • Why ADX Can Mislead You — And How to Avoid It

      June 5, 2025
    • S&P 500 on the Verge of 6,000: What’s at Stake?

      June 5, 2025
    • Speaker Johnson surprised by Musk’s criticism of ‘big, beautiful bill’: He’s ‘flat wrong’

      June 5, 2025
    • There’s a way to aid Gaza. I know, my foundation just helped deliver 7 million meals… without incident

      June 5, 2025

    Categories

    • Business (967)
    • Investing (2,320)
    • Politics (2,873)
    • Stocks (1,054)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved