Insiders Advisor
  • Stocks
  • World News
  • Business
  • Politics
  • Stocks
  • World News
  • Business
  • Politics

Insiders Advisor

Business

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

by October 8, 2024
October 8, 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
previous post
Biden White House has ‘very low’ trust in Netanyahu regime, urges transparency: report
next post
5 key takeaways from Kamala Harris’ ’60 Minutes’ interview

Related Posts

Ad revenue should stabilize for media companies in...

December 30, 2024

Why Honeywell CEO Vimal Kapur doesn’t think the...

October 14, 2024

Super Bowl fans are flooding Vegas with cash....

February 14, 2024

DOJ sues Walgreens, alleging it ‘knowingly’ filled millions...

January 19, 2025

Fox reveals plans to launch subscription streaming service...

February 5, 2025

Chick-fil-A is releasing its own entertainment app, with...

October 21, 2024

NFL-backed group lines up ‘Sunday Ticket’ streaming for...

July 4, 2024

From department store to ice rink: How shuttering...

August 13, 2024

Amazon expects to cut corporate jobs as it...

June 18, 2025

Meta is finally bringing ads to WhatsApp

June 17, 2025

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


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

    Latest News

    • From admiration to Alaska: A timeline of Trump and Putin’s high-stakes encounters

      August 15, 2025
    • Schumer claims Trump admin withholding Epstein files, threatens to sue

      August 15, 2025
    • The CEO in chief: How Trump is getting what he wants from big business

      August 15, 2025
    • American history won’t be displayed ‘in a woke manner’ at Smithsonian, Trump says

      August 15, 2025
    • Ulta and Target will end deal for in-store beauty shops next year

      August 15, 2025
    • Armenia and Azerbaijan leaders seek to ease Russian and Iranian concerns after US-brokered peace deal

      August 14, 2025

    Categories

    • Business (1,347)
    • Politics (6,748)
    • Stocks (904)
    • World News (461)
    • About us
    • Contacts
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: insidersadvisor.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 © 2024 insidersadvisor.com | All Rights Reserved