Market Updates
U.S. Movers: Delta Air Lines, Generac, Progressive, Universal Insurance
Scott Peters
10 Oct, 2024
New York City
Delta Air Lines declined 0.2% to $50.72 after the company's forward-looking outlook disappointed some investors.
Revenue in the third quarter increased 1% to $15.7 billion from $15.5 billion, net income increased 15% to $1.3 billion from $1.1 billion, and diluted earnings per share rose to $1.97 from $1.92 a year ago.
The airline said the direct revenue impact caused by the CrowdStrike-caused outage on August 8 was about $380 million, and the fuel expense was $50 million lower because of 7,000 flight cancellations over the five-day period.
Hurricane Milton exited from the Florida East Coast, leaving behind a wave of destruction, flash flooding, and power outages for at least 3 million residents.
Universal Insurance, which primarily provides catastrophic insurance in Florida, rose 10.9% to $10.82.
Other property insurance companies with significant Florida exposures rebounded after falling in the previous three consecutive sessions.
Allstate Corp. increased 1.2% to $187.26, Fidelis Insurance jumped 2.2% to $17.90, and Progressive Corp. gained 0.9% to $252.82.
Generac Holdings declined 2.8% to $167.36, and the generator provider had run up as much as 11% over the last three days as Hurricane Milton had intensified.
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