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The Travelers Companies stock price
The Travelers Companies latest news:
Travelers' stock slips after hurricane loss estimates, suspension of buyback program
Shares of Travelers Companies Inc. fell 0.5% in morning trade Tuesday, after the insurer said it would suspend its share repurchase program as it assesses losses from Hurricanes Harvey and Irma. Late Monday, the company said it estimated catastrophe pre-tax losses relating to Harvey, including recoveries from reinsurance, in the range of $375 million to $750 million. Before temporarily suspending the share repurchase program, the company said it had spent $328 million to buy back 2.6 million shares in the current quarter. MKM Partners analyst Harry Fong reiterated his neutral rating and $130 fair value estimate on the stock, but slashed his third-quarter earnings-per-share estimate to 25 cents from $2.27 and his 2017 EPS outlook to $6.80 from $8.80. "We added in the full $750 million of [catastrophe] losses into our third-quarter estimate; that may be conservative for Harvey, but we know the company will likely have a loss as big if not bigger for Hurricane Irma," Fong wrote in a note to clients. Travelers' stock has lost 2.8% over the past three months, while the SPDR S&P Insurance ETF has edged up 0.2% and the Dow Jones Industrial Average has tacked on 2.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Travelers estimates pre-tax loss in range of $375 mln - $750 mln related to Hurricane Harvey
Travelers Companies Inc(TRV) - * Travelers estimates range of catastrophe losses from Hurricane Harvey. * Travelers estimates range of catastrophe losses from Hurricane Harvey. * Estimates its losses relating to Hurricane Harvey, will be in range of $375 million to $750 million pre-tax Source text for Eikon: Further company coverage:
U.S. stocks end higher; Nasdaq boosted by biotech gain
U.S. stocks ended higher on Wednesday, with the Nasdaq seeing a particular gain on the strength of biotechnology companies, while the S&P 500 closed higher for a fourth straight session. The Dow Jones Industrial Average rose 25 points, or 0.1%, to 21,890. The S&P 500 added 11 points to 2,457, a gain of 0.5%. The Nasdaq Composite Index advanced 66 points to 6,368, a rise of 1.1%. The biotechnology sector was one of the strongest of the day, with the iShares Nasdaq Biotechnology ETF up 1.9%, boosted by Gilead Sciences , which surged 7.3%, and Incyte Corp. , up 10.6%. Markets were also supported by strong economic data, including better-than-expected reads on economic growth and private-sector employment. The Dow was pressured by Travelers Companies Inc. , which fell 1%, and by Verizon Communications , which was off 0.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-FINRA says William H. Heyman elected Chairman of FINRA board of governors
FINRA. * William H. Heyman elected Chairman of FINRA board of governors. * William H. Heyman succeeds John J. "Jack" Brennan. * Heyman's appointment as chairman of FINRA board of governors effective July 18. * William Heyman is currently Vice Chairman and Chief Investment Officer of Travelers Companies Inc Source text for Eikon: Further company coverage:
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