This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Financial Stocks in Motion

XL Capital (XL) was up 2.5% after the Bermuda-based insurance company said it expected losses relating to Hurricane Katrina to be about 1.75% of the industry loss, which the company said is consistent with its expectations. Brian M. O'Hara, president and chief executive, said the company still anticipated an operating profit for the year, barring any other significant similar events. Also Morgan Stanley upgraded the company's stock from equal-weight to overweight. Shares of XL Capital were up $1.74 to $70.53.

Everest Re (RE) rose 2% after the Bermuda-based reinsurance company said it expected to turn a profit this year, even though its losses from Hurricane Katrina could amount to about 1% of the total industry losses. The company also said it expected capital growth in December. Joseph V. Taranto, the company's chief executive, said that the impact of Hurricane Katrina "is within our risk-management tolerance and does not change our positioning or underlying fundamental financial strength." Shares of Everest were up $1.86 to $96.36.

Mercury General (MCY) fell 1% after Citigroup downgraded the Los Angeles-based insurance company from buy to hold. Citi said it continued "to believe that the company's dividend yield makes it an attractive core holding for strictly income-orientated investors." The bank also said that Mercury General could see some near-term minor price appreciation relating to its lack of exposure to Hurricane Katrina. Shares of Mercury General were down 57 cents to $59.15.

ACE (ACE) rose 2.7% after the Bermuda-based insurance and reinsurance company said late Monday that early estimates indicate that its losses related to Hurricane Katrina will range from $450 million to $550 million. Evan Greenberg, president and CEO, said the company will not know the exact loss for some time to come. Shares of Ace were up $1.21 to $46.02.

21st Century (TCHC) rose 13% even though the Lauderdale Lakes, Fla.-based insurance company cut its profit expectations for this year due to losses related to Hurricane Katrina. CEO Richard A. Widdicombe said the company lost about $1.9 million, or roughly 35 cents a share. Additional losses, if any, he said, would be covered by reinsurance. Widdicombe said the company expected earnings of $2.40 per share for 2005 and $4 per share in 2006. Shares of 21st Century were up $1.44 to $12.50.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs