Market Updates
U.S. Movers: AIG, Allstate, Arcadium Lithium, Chubb, Generac, Universal Insurance
Scott Peters
07 Oct, 2024
New York City
Arcadium Lithium PLC soared 30% in New York trading to $4.02 after the mining giant Rio Tinto expressed interest in acquiring the company.
Catastrophe insurance stocks were in focus after Hurricane Milton strengthened into a Category 4 storm.
Hurricane Milton is forecast to approach Florida by Wednesday but is likely to weaken to a Category 1 storm after the landfall, according to the National Hurricane Center.
AIG declined 1.4% to $74.94, Allstate Corp. declined 3.4% to $184.02, Chubb Ltd. dropped 3.3% to $281.22, and Travelers Companies fell 3.2% to $228.86.
Universal Insurance Holdings plunged 15% to $17.85 on the worries that the insurance with heightened exposure to Gulf Coast could face heightened hurricane risks and higher claims.
Generac Holdings soared 7.7% to $172.52, and the back power generator company is likely to increase its sales because of the impending Hurricane Milton.
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