CNA, AXA, Allianz Plunge; GM Drops

123jump.com Staff
27 Oct, 2008
New York City

Insurance companies fell after CNA Financial swung to a loss in the latest quarter. AXA, Allianz, Hartford and MetLife dropped more than 9%. General Motors declined on the speculation that it may need federal aid for its merger with Chrysler. FPL Group dropped 4% after net income surged 45%.

[R]12:15PM New York – Insurance companies fell after CAN Financial reported a loss. Verizon surged after earnings.[/R]

Arch Coal, Inc ((ACI)) slid 4.7% or 93 cents to $18.50 after the coal producer reported third quarter revenues rose 28% to $769.5 million from $599.2 million a year ago. Net income in the quarter rose 258% to $97.8 million or 68 cents per diluted share compared to net income of $27.3 million or 19 cents per share, a year ago.

Alberto-Culver Company ((ACV)) fell 3.9% or 89 cents to $21.67 after the manufacturer of personal care products reported fourth quarter revenues rose 7.3% to $386.0 million from $359.7 million a year ago. Net income in the quarter rose 303% to $147.1 million or $1.48 per diluted share compared to net income of $36.5 million or 36 cents per share, a year ago.

BE Aerospace, Inc ((BEAV)) fell 5.2% or 54 cents to $9.76 after the world''s biggest plane seat maker reported third quarter revenues rose 37.3% to $587.8 million from $428.2 million a year ago. Net income in the quarter rose 16% to $51.8 million or 54 cents per diluted share compared to net income of $44.5 million or 48 cents per share, a year ago.

Banco Bradesco S.A. ((BBD)) climbed 6.1% or 52 cents to $8.98 after the Brazil''s largest private-sector bank did not immediately provide a breakdown of the earnings for the third quarter. The bank had posted a net profit of 2.002 billion reais in the second quarter and 2.103 billion reais in the first quarter.

Canon Inc ((CAJ)) dropped 10.5% or $3.22 to $27.42 after the Japanese camera and printer maker reported third quarter revenues fell 6.2% to 985.9 billion yen from 1.05 trillion yen a year ago. Net income in the quarter fell 21% to 83.04 billion yen or 65.91 yen per diluted share compared to net income of 105.03 billion or 81.93 yen per share a year ago.

CNA Financial Corporation ((CNA)) lost 11.7% or $2.08 to $15.77 after the insurance holding company reported third quarter net loss in the quarter of $331 million or $1.23 per diluted share compared to net income of $174 million or 64 cents per share, a year ago.

Insurance companies traded lower. Hartford Financial Services ((HIG)) dropped 11% to $21.57, MetLife declined 5% to $28.25, AXA dived 9.2% to $16.34 and Allianz S.E. plunged 14% to $6.57.

General Motors Corporation ((GM)) dropped 6.7% or 40 cents to $5.55 after the merger under these terms would give control to GM but leave Chrysler''s owner, Cerberus Capital Management, with stake of less than 10% in the combined company according to the media reports in the Wall Street Journal and New York Times.

FPL Group, Inc ((FPL)) lost 3.7% or $1.70 to $43.20 after the electric utility company reported third quarter revenues rose 18% to $5.39 billion from $4.58 billion a year ago. Net income in the quarter rose 45% to $774 million or $1.92 per diluted share compared to net income of $533 million or $1.33 per share, a year ago.

ICICI Bank Limited ((IBN)) dropped 4.3% or 54 cents to $11.90 after the India''s largest private bank reported second quarter net income in the quarter fell 27.5% to $138.6 million.

Loews Corporation ((L)) slid 6.5% or $2.06 to $31.31 after the insurance company reported third quarter revenues rose 4% to $3.01 billion from $2.89 billion a year ago. Net loss in the quarter was $137 million or 31 cents per diluted share compared to net income of $555 million or 77 cents per share, a year ago.

Lorillard, Inc ((LO)) surged 6.5% or $3.68 to $61.88 after the maker of Newport and other cigarettes reported third quarter revenues rose 7.8% to $1.13 billion from $1.04 billion a year ago. Net income in the quarter fell 2.8% to $237 million or $1.38 per diluted share compared to net income of $244 million or $1.40 per share, a year ago.

Penn National Gaming Inc ((PENN)) lost 4.0% or 54 cents to $12.76 after the operator of gambling properties reported third quarter revenues fell 2% to $617.9 million from $629.5 million a year ago. Net income in the quarter rose 217% to $147.5 million or $1.69 per diluted share compared to net income of $46.6 million or 52 cents per share, a year ago.

Pilgrim''s Pride Corporation ((PPC)) rose 11.9% or 26 cents to $2.42 after the largest chicken producer said on Monday that it has reached another agreement to temporarily extend its credit facilities through the end of November.

Sohu.com Inc ((SOHU)) gained 7.3% or $3.27 to $48.00 after the China based online media company reported third quarter revenues rose 134% to $120.7 million from $51.5 million a year ago. Net income in the quarter rose 316% to $40.3 million or $1.02 per diluted share compared to net income of $9.68 million or 25 cents per share, a year ago.

Verizon Communications Inc ((VZ)) rose 4.3% or $1.10 to $26.18 after the country''s second largest telecommunications company reported third quarter revenues rose 4.1% to $24.75 billion from $23.77 billion a year ago. Net income in the quarter rose 31% to $1.67 billion or 59 cents per diluted share compared to net income of $1.27 billion or 44 cents per share, a year ago.