BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Closing Bell: Winners trump losers on earnings: ABK, BA, LVLT, VMW ...]]>http://www.bloggingstocks.com/2008/04/23/closing-bell-winners-trump-losers-on-earnings-abk-ba-lvlt-v/http://www.bloggingstocks.com/2008/04/23/closing-bell-winners-trump-losers-on-earnings-abk-ba-lvlt-v/http://www.bloggingstocks.com/2008/04/23/closing-bell-winners-trump-losers-on-earnings-abk-ba-lvlt-v/#commentsFiled under: , ,

Shares closed mostly higher today, although this was more of a mixed day between the haves and the have-nots. Boeing Co. (NYSE: BA) managed to keep earnings inline with estimates and were not bad considering the weak airline sector, so its 4.4% gain to $82.09 was a huge relief for the DJIA today. Below are the unofficial closing levels for major US index levels:
  • DJIA 12,767.21 (+46.98; +0.37%)
  • S&P 500 1,380.23 (+4.29; +0.31%)
  • NASDAQ 2,403.45 (+26.51; +1.12%)
  • 10YR-Bond 3.73% (0.01)
  • 52-week lows.
Ambac Financial Group, Inc. (NYSE: ABK) posted losses that were wider than expected. It showed losses of $1.7 billion and $11.69 per share and a $3.1 billion in subprime charges. The company sells insurance policies that repay bondholders if issuers default. The 52-week range is $4.50 - $96.10. Shares hit a new low today, and traded down over 40% at $3.45 in the final minutes of trading.

MBIA Inc. (NYSE: MBI) dropped dramatically after Ambac's worse-than-expected earnings report. The rivals are expected to be hit hard by the wave of defaults it insures due to the subprime credit crisis. The two have been struggling to raise capital to cover losses and have suffered downgrades to their credit ratings. MBI shares were down 32% at $9.00 in the final minutes today.

Continue reading Closing Bell: Winners trump losers on earnings: ABK, BA, LVLT, VMW ...

Closing Bell: Winners trump losers on earnings: ABK, BA, LVLT, VMW ... originally appeared on BloggingStocks on Wed, 23 Apr 2008 16:24:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ABKBRCMCREEinthenewsLVLTMBISAFVMWWed, 23 Apr 2008 16:24:00 EST<![CDATA[Liberty Mutual buys Safeco at a 51% premium, who's next?]]>http://www.bloggingstocks.com/2008/04/23/liberty-mutual-buys-safeco-at-a-51-premium-whos-next/http://www.bloggingstocks.com/2008/04/23/liberty-mutual-buys-safeco-at-a-51-premium-whos-next/http://www.bloggingstocks.com/2008/04/23/liberty-mutual-buys-safeco-at-a-51-premium-whos-next/#commentsFiled under: ,

AP reports that Liberty Mutual, the nation's largest provider of workers' compensation insurance and its sixth largest property-casualty insurer, is buying Safeco (NYSE: SAF) for $6.1 billion, a 51% premium over Tuesday's close.

Having spent years working for Liberty Mutual in the 1990s -- part of it for Gary Gregg, who heads the Agency Markets unit that will manage Safeco -- I know that this deal may well be the largest in its history. Safeco sells $5.9 billion in insurance policies a year, while Liberty booked annual premiums of $20.2 billion. Safeco has posted poor earnings and its stock has tumbled recently. Bloomberg News reports that Safeco's auto unit posted a loss at the end of 2007 because of rising medical claims and repair costs, leading to a 33% decline in fourth-quarter profit and a 19% decline in its stock in 2008 before this morning's announcement.

It looks like there will be more consolidation in the personal lines property casualty industry. Seventy one percent of analysts tracking insurers of homes, cars and businesses expect a "significant increase" in mergers in 2008, according to an Accenture (NYSE: ACN) report based on 108 stock analysts in December and January. Candidates for acquisition could include Progressive Corp. (NYSE: PGR), Mercury General (NYSE: MCY), The Hanover Insurance Group (NYSE: THG), and The Commerce Group (NYSE: CGI).

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned.

Liberty Mutual buys Safeco at a 51% premium, who's next? originally appeared on BloggingStocks on Wed, 23 Apr 2008 11:35:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>CGIinthenewsLiberty MutualLibertyMutualMCYPGRSAFTHGWed, 23 Apr 2008 11:35:00 EST<![CDATA[Analyst upgrades: ACAD, GNSS and STM]]>http://www.bloggingstocks.com/2007/12/12/analyst-upgrades-acad-gnss-and-stm/http://www.bloggingstocks.com/2007/12/12/analyst-upgrades-acad-gnss-and-stm/http://www.bloggingstocks.com/2007/12/12/analyst-upgrades-acad-gnss-and-stm/#commentsFiled under:

MOST NOTEWORTHY: Acadia Pharmaceuticals, Genesis Microchip and SAFECO Corp were today's noteworthy upgrades:
  • JMP Securities upgraded Acadia Pharmaceuticals (NASDAQ: ACAD) to Strong Buy from Market Outperform, citing increased confidence in the company's pimavanserin for combination treatment of schizophrenia.
  • Genesis Microchip (NASDAQ: GNSS) was upgraded to Hold from Underperform at Jefferies to reflect the acquisition by STMicroelectronics (NYSE: STM). The firm does not expect additional competitive offers.
  • SAFECO (NYSE: SAF) was upgraded to Market Perform from Underperform at Friedman Billings based on improved outlook and valuation.
OTHER UPGRADES:

Analyst upgrades: ACAD, GNSS and STM originally appeared on BloggingStocks on Wed, 12 Dec 2007 11:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ACADCALCBBGNSSLUVSAFSTMupgradesWed, 12 Dec 2007 11:29:00 EST