Monday's Financial Winners & Losers
BP Prudhoe Bay Royalty Trust (BPT) tumbled on news that BP (BP) said it was shutting down its Prudhoe Bay oil field in Alaska due to a corroded pipeline and a small leak. BP Prudhoe Bay Royalty Trust is an investment trust that holds overriding royalty interests in minerals in Prudhoe Bay. Shares fell $11.52, or 13.11%, to $76.37.
Aon (AOC) gained as analysts split on their ratings for the Chicago-based insurance broker. Lehman Brothers (LEH) downgraded Aon's stock to equal-weight from overweight, while Citigroup (C) upgraded Aon to buy from hold. Shares gained 38 cents, or 1.19%, to $32.27.
Safety Insurance Group (SAFT) gained after the Boston-based insurer reported a 25% increase in second-quarter earnings. The company earned $29.1 million, or $1.81 a share, up from $23.2 million, or $1.46 a share a year ago. Revenue totaled $169.6 million, up from $168.1 million a year ago. Wall Street was looking for earnings of $1.32 a share. Total expenses dropped to $126.4 million, down from the year-ago figure of $134 million. The stock added $1.02, or 1.86%, to $56.
First American (FAF) acquired Greensboro, N.C.-based Offutt Systems, a provider of multiple-listing service technologies to the real estate industry, for an undisclosed sum. The Santa Ana, Calif.-based company said the deal was closed on Aug. 1. First American will continue to run Offutt operations under the direction of its current management team from the company's main office location in Greensboro, N.C. The acquisition will increase the total number of real estate professionals now served by First American MLS technology to just over 600,000, the company said. First American was off 14 cents to $38.11 recently.International Assets Holding Corp. (IAAC) gained after the Altamonte Springs, Fla.-based asset management company said that INTL Consilium, its asset management joint venture, reached the $500 million mark of assets under management. INTL Consilium launched its first investment vehicle in July 2004 and has since launched additional funds and serves as an investment advisor to several large institutional clients. Shares gained 19 cents, or 1.19%, to $16.15.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV