Market Updates
Movers: Arch Capital, FactSet Research, General Mills, Loews Corp, Lucid, Newmont Mining, Steelcase
Scott Peters
20 Dec, 2022
New York City
Arch Capital Group increased 2.8% to $62.25 after the Bermuda-based insurance company expanded its share repurchase program to $1 billion.
The insurance company has repurchased $596.4 million of its stock as of September's end.
FactSet Research Systems Inc declined 2.9% to $407.41 after the financial data and analytics company reported weaker than expected revenues and earnings.
General Mills, Inc declined 4.2% to %83.44 despite the company reporting higher sales and earnings in the last quarter.
Revenue in the fiscal second quarter ending in November rose 4% to $5.22 billion after volume impacted sales negatively by 12 percentage points and price and mix change lifted sales by 17 percentage points.
In North America, revenues were negatively impacted by volume decline of 8 percentage points and price increase of 19 percentage points, leading to 11 percentage point increase in sales.
Net income increased 1% to $605.9 million from $597.2 million and diluted earnings per share rose to $1.01 from 97 cents a year ago.
Loews Corp increased 2.2% to $56.15 after the diversified company said Delaware Supreme Court has reversed an award of $690 million plus interest to minority unitholders in its Boardwalk Pipelines subsidiary.
This award was in connection with Loews
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